
PARTLY FACETIOUS: Has Dar read a certain IMF document?
'My question to him is: has he read the International Monetary Fund (IMF) document in which the Finance Minister has pledged no new economic zones — special to one nationality or not.'
'Hey, that's not his responsibility anymore — that is the Finance Minister's task.'
'The Special Investment Facilitation Council, which epitomises the same page doctrine, has pledged to the Fund staff that a level playing field would be ensured with regard to investment environment and there will be no watering down in governance standards. And agreed to phase out existing SEZ's while no new SEZs…'
'For your information, a Deputy Prime Minister also wearing the hat of Foreign Minister is a grade above the Finance Minister.'
'Just a grade?'
'That depends on whom you ask: A Prime Minister heads the cabinet, and in his absence the Deputy Prime Minister…'
'Irrespective of who appoints whom?'
'They are all on the same page, you idiot.'
'That's true, sorry, anyway don't worry about it – by the time the SEZ is actually set up the government may have changed.'
'God willing.'
'Of course, but just to clarify, on average we take a decade or so to set anything up so…'
'I propose the task be allocated to Visionary 2035…'
'I agree, Ahsan Iqbal would certainly be the right man for the job.'
'His visions are truly beautiful, but so far his vision for the party to remain in power to realize even one of his vision…'
'Maybe this time around.'
Copyright Business Recorder, 2025
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Express Tribune
2 hours ago
- Express Tribune
PM says govt committed to economic prosperity
Listen to article Prime Minister Shehbaz Sharif on Saturday said the government was committed to completing a full economic turnaround through long-overdue reforms, structural changes and by prioritising meritocracy. Addressing a group of Pakistani students enrolled in leading global institutes and selected for the government's Uraan Pakistan Summer Scholars Internship Programme, the prime minister recalled that when his government took charge in 2023, Pakistan was on the brink of default and its fate was hanging in the balance. "The majority viewed that Pakistan would go into default while the minority thought that we will escape this disaster," he said, adding that he held marathon discussions with the IMF managing director and assured that Pakistan would not run into default and achieve the IMF programme. The prime minister said that at that period, the economy was in bad shape, with galloping inflation touching 38 percent while policy rate was hovering at 22.5 percent. The business atmosphere in the country was very skeptical. The prime minister, in his remarks, telecast on national TV channels, further said that they had the huge burden and onus to march in unison and work with sincerity of purpose to change the situation. The joint work paid dividends as now the policy rate was capped under 11 percent. The Uraan Pakistan programme had taken off, he added. "The road is very challenging as there were long overdue reforms, and the structural changes had not taken place in the last many decades," he observed, and stressed that Pakistan had to undertake these overdue long structural changes, through untiring and long efforts. He also referred to reforms and digitization of Federal Board of Revenue (FBR) and said that they had shown doors to the corrupt people without being influenced. To weed out corruption in FBR, he was very clear in his mind and took decisions which had never taken without heeding to a culture of any 'Sifarish', he added. The prime minister said that previously, digitization process in FBR was only confined to papers as no practical step was taken and blamed the corrupt and shrewd elements for hoodwinking the system. He said that it did not mean that there was dearth of hardworking and honest bureaucrats who were not given the chance, adding that they had brought forth the best people in FBR, including its chairman, and hired expert consultants. Now, he said digitization was the hallmark of FBR, where working had been converted from papers to multiple initiatives, including AI, and faceless interaction. Through enforcement of these measures, the revenue collection had risen from Rs12 billion to more than 50 billion rupees in one year, showing massive tax evasion in one sector alone, he maintained. The prime minister further emphasized "We have a long and thorny journey and facing mountain like impediments, but I assure that we will not shy away from discharging our duties in the service of the nation." He said that he believed in teamwork and never took credit for any achievement, adding that he saluted those who performed and sent those home who did not show well as "delivery is the name of the game; performance is the name of the game." Terming the economic challenges as difficult, he resolved that they would have to achieve the targets and if they did not, they would have to face the music. Underscoring the significance of country's youth, he said key of success of this country was in their hands and any expenditure on youth was akin to a future investment on the country. Later, responding to students' queries, he recollected that during his tenure as chief minister Punjab, his government had initiated scholarship programmes on merit to facilitate the deprived and poor students in the backward areas of the province. To another question, the prime minister said that due to climate change, Pakistan suffered a lot during 2022 floods, with economy faced $30 billion dollars losses, despite the fact that the country did not contribute a friction of percent in the global greenhouse effects. The prime minister, responding to a question, said that during the month of May, Pakistan faced India's uncalled aggression in the backdrop of Pahalgam incident. He said that he had offered a straight proposal to India to let this matter be investigated by the international bodies, but India never commented on this proposal. As result of Indian aggression, 55 Pakistanis were martyred and they responded in self defence by downing six Indian planes, he said, adding while on May 9 and 10, after India's attack, Pakistan responded with full might and taught the enemy a lesson. The prime minister praised the armed forces for showing their professional capabilities and courage, saying Pakistan won the conventional war. He maintained that Pakistan's nuclear programme was only meant for the peaceful purposes and for the self-defense. The prime minister expressed the hope that students would benefit from the Uraan Pakistan initiative and extended his best wishes for their future.


Business Recorder
5 hours ago
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Finance Act 2025: Pakistan's auto industry grapples with enforcement challenges
ISLAMABAD: The auto industry is confused to deal with the enforcement of the Finance Act 2025 which has restricted ineligible persons from booking or purchasing motor vehicles from July 1, 2025. The Federal Board of Revenue (FBR) Member Inland Revenue (Policy) has received a letter from Pakistan Automotive Manufactures Association (PAMA) seeking clarification on bar on Booking and Purchase of Motor Vehicles under the Finance Act 2025. According to the PAMA, refer to the subject matter regarding the enforcement of the new law under the Finance Act 2025, which restricts ineligible persons from booking or purchasing a motor vehicle. The law further mandates that any motor vehicle booked or purchased by such persons shall not be registered by the relevant authorities. In this regard, we request clarifications to facilitate the smooth transition and effective implementation of the new law: 'Localization transforming Pakistan's automotive industry' a) The process for determining eligibility remains unclear. Since the restriction applies at the booking stage—the initial step towards vehicle purchase—it implies that every prospective buyer must first obtain an eligibility certificate or similar approval from the competent authority before proceeding. b) As the eligibility certificate will be a crucial document, we request that the issuance mechanism be defined promptly to avoid delays in motor vehicles bookings. It is suggested that FBR consider developing an eligibility portal similar the filers portal. c) The definition of an eligible person under the Income Tax Law applies to individuals, companies, and associations of persons. This condition should not apply to purchases made by the Federal Government, Provincial Government, Local Government, Armed Forces and their related departments, Organisations, authorities, etc. As the new law has already come into effect from July 1, 2025, we anticipate delays in operational clarity. In the interim, we urge the government to consider allowing temporary bookings for waiting customers until requisite clarifications are issued. The association referred to section 114C (Restriction on economic transactions by certain persons), Notwithstanding anything contained in any law for the time being in force, —(a) any application, by any ineligible person, for booking, purchase or registration of a motor vehicle of the value exceeding the threshold given in Fifteenth Schedule, shall not be accepted or processed by any manufacturer of a motor vehicle or vehicle registering authority of Excise and Taxation Department, as the case may be, the new section in the Income Tax Ordinance 2001 stated. The FBR's early attention and action to this matter will be highly appreciated, it added. Copyright Business Recorder, 2025


Business Recorder
7 hours ago
- Business Recorder
KE says accelerating captive-to-grid shift
KARACHI: K-Electric (KE) is actively facilitating Karachi's manufacturing sector to make a smooth shift to the electricity grid, an action that comes in tandem with the government's policy move to encourage industries' switch from captive power plants. Under this banner, KE is holding 'Open House' sessions – specifically designed for industrial customers – in collaboration with trade associations since May this year. The weekly sessions bring together KE's supply business, commercial, technical, and planning teams to engage directly with industry stakeholders in order to support smooth transition from their in-house generation to KE's supply. A priority during this 'one-window KE facility' of a weekly open-house is also to address as promptly as possible any concerns that the customers may have. Customized packages based on actual load requirements, tariff assessments, and infrastructure feasibility are also being provided. KE CEO Moonis Alvi said: 'KE is actively playing its part in helping how power is delivered to Pakistan's industrial backbone. By moving away from fragmented captive generation and toward a unified, reliable grid, we are not only improving operational efficiency for industries but also contributing to national energy optimization.' Copyright Business Recorder, 2025