Speaker thanks Saudi Arabia for supporting Pakistan

National Assembly Speaker Ayaz Sadiq has expressed his heartfelt gratitude to the Crown Prince Mohammed bin Salman for Saudi Arabia's steadfast and continued support to Pakistan.
He appreciated the Kingdom's consistent assistance during difficult times and praised the firmness of Saudi Arabia's position on issues concerning Pakistan. "Saudi Arabia has always stood by Pakistan in times of adversity," said the Speaker.
"We are deeply grateful to the Saudi leadership for its unwavering support." He further stated that the people of Pakistan hold the Custodian of the two Holy Mosques in the highest esteem and regard.

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Economic Survey: Economic performance misrepresented: PTI

Business Recorder

3 hours ago

Business Recorder

Economic Survey: Economic performance misrepresented: PTI

ISLAMABAD: The opposition Pakistan Tehreek-e-Insaf (PTI) on Monday strongly criticised the Economic Survey for the fiscal year 2024-25, dismissing the reported 2.7% GDP growth rate as both embarrassing and manipulated. The opposition party accused the government of misrepresenting the country's economic performance ahead of the annual budget, due to be presented in the National Assembly Tuesday. Speaking at a presser, PTI spokesman Sheikh Waqas Akram said: 'At least 30 million people in Pakistan have fallen below the poverty line. These were the very people brought in by the current regime to fix the economy, yet they ended up extinguishing household stoves instead.' The remarks came shortly after Finance Minister Muhammad Aurangzeb unveiled the Economic Survey for 2024-25, which reported GDP growth of 2.7% and an inflation rate of 4.6% for the outgoing fiscal year. According to the finance minister, the economy had begun to recover after the 2023 fiscal year and was showing signs of stability and consolidation moving into 2025. The survey, released a day ahead of the 2025-26 federal budget, provides an overview of Pakistan's socio-economic performance, including GDP trends, tax revenue, industrial output, and other fiscal indicators. Akram challenged the government's economic claims, drawing comparisons with growth under the PTI-led administration of former prime minister Imran Khan. 'They used to scoff at the 6.5% growth rate achieved under our government. But over the past three years, the average growth has been only 1.5%,' he said. Describing the current figures as 'fake and misleading,' he likened the growth numbers to Form-47 – a reference to alleged rigging during the 8 February general elections. He also questioned the credibility of the Economic Survey for 2024-25, saying it failed to reflect the economic hardships being faced by the general population. 'The people have become economically orphaned under this government,' he claimed. Akram further cited a reported 13.5% decline in the agriculture sector, accusing the government of pursuing policies that were anti-farmer and, in his words, akin to enmity with the nation. Copyright Business Recorder, 2025

Express Tribune

5 hours ago

Express Tribune

Salary, pension hikes on the cards

The federal government is set to present today a budget of approximately Rs17,600 billion for the fiscal year 202526 in the National Assembly. Ahead of the budget announcement, a special meeting of the federal cabinet, chaired by Prime Minister Shehnaz Sharif at 4pm, will approve the budget draft, as well as proposed increases in salaries and pensions of government employees. Alongside these increases, there is also the possibility of tax relief for salaried employees. According to sources, preparations for the budget session have been completed, and the official schedule has been released. National Assembly Speaker Sardar Ayaz Sadiq has called a consultative meeting of parliamentary leaders ahead of the NA session that will start at 5pm. According to the official notification, the meeting chaired by the speaker will determine the strategy for the budget session, including the duration of debates on the budget and related matters. The budget, to be presented today (June 10), is expected to be approved on June 26 and 27. Federal Minister for Finance Muhammad Aurangzeb will present the budget in the National Assembly. Speaker Sadiq has also approved the schedule for the budget session, according to which there will be no assembly sessions on June 11 and 12 and debate on the federal budget will begin on June 13 and continue until June 21. Finance Minister Aurangzeb will conclude the budget debate on June 21. On June 23, the assembly will discuss essential expenditures allocated for 202526. On June 24 and June 25, there will be debate and voting on demands for grants and cut motions. The Finance Bill will be passed on June 26, and on June 27, there will be further debate and voting on supplementary grants and other matters. For the upcoming fiscal year, the current account deficit is projected at -0.5% of GDP, or around $2.1 billion. The export target has been set at $35.3b, while imports are expected to reach $65.2 billion. In the services sector, exports are targeted at $9.6 billion, and imports at $14 billion. The government also aims to receive $39.4 billion in remittances, bringing the combined target for exports of goods and services to $44.9 billion, and for imports to $79.2 billion. The proposed average inflation target is 7.5%, while GDP growth is targeted at 4.2%. Sectoral targets include 4.5% growth in agriculture, 4.3% in industry, and 4% in the services sector. The budget sets goals for gross investment at 14.7% of GDP, fixed investment at 13%, public investment at 3.2%, and private investment at 9.8%. National savings are projected to reach 14.3% of GDP. Further sector-specific growth projections include 6.7% for major crops, 3.5% for other crops, 7% for cotton ginning, 4.2% for livestock, 3.5% for forestry, and 3% for fishing.

Express Tribune

5 hours ago

Express Tribune