Millers to benefit from Rs19/kg hike in sugar price
The government on Wednesday set the retail price of sugar at Rs164 per kilogram, which is 13% higher than the price set when the export of 600,000 metric tons of sugar was allowed. This adjustment benefits millers by enabling them to reap double bonanza, earning higher revenues from both local and international markets.
The decision was taken by a 10-member committee led by Deputy Prime Minister Ishaq Dar. The committee determined the new ex-factory and retail prices of sugar after negotiations with the Pakistan Sugar Mills Association (PSMA), an entity accused of operating as a cartel by the nation's antitrust watchdog.
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Express Tribune
4 days ago
- Express Tribune
Provinces demand NFC, agri tax review
The National Economic Council on Wednesday approved an enlarged national development outlay of Rs3.9 trillion, as some of the provinces have demanded reviewing the National Finance Commission and reopening the agriculture income tax issue with the International Monetary Fund. The NEC-approved the federal Public Sector Development Programme 2025-26 shows the government's political priorities to appease allies and spend more on roads. It approved reduced budgets for Pakistan's space and atomic energy programmes, health and education but increased allocations for the Sindh-specific projects and the parliamentarians' schemes. Headed by Prime Minister Shehbaz Sharif, the NEC also set the economic growth target at 4.2% and inflation at 7.5% for the next fiscal year 2025-26. The NEC is the nation's constitutional body having mandate to approve the macroeconomic and development plans. The NEC also expressed concerns over growing population and showed resolve to find a solution, as the economic growth in this fiscal year was almost equal to the population growth rate. The NEC approved the Rs1 trillion for the federal Public Sector Development Programme and Rs2.9 trillion for the provincial annual development plans. The cumulative budgets of Rs3.9 trillion negate the harsh fiscal ground realities, as the federal government even went to the extent of further reducing some critical proposed allocations to make room for more politically oriented development spending. As against its earlier plan to allocate Rs50 billion for discretionary spending on the parliamentarians schemes, the allocation has been approved at Rs70 billion, showed the NEC document. Not only that, the federal government further increased the spending on provinces' development project from three-day old allocation of Rs93.4 billion to nearly Rs106 billion. The room has been created by further reducing the spending on health and education from the level approved by the Annual Plan Coordination Committee on Monday. The Higher Education Commission's allocation is drastically reduced to Rs39.4 billion whereas the Ministry of health's budget is cut to Rs14.3 billion. To make room for political projects, the allocation for power sector projects was reduced from the earlier proposed Rs104 billion to Rs90 billion. But the water sector allocation has been increased to Rs133 billion, from earlier proposed Rs119 billion. Compared to the budget approved by the APCC on Monday, the Space & Upper Atmosphere Research Commission's (SUPARCO) budget has been reduced from Rs24.2 billion to just Rs5.4 billon while the Pakistan Atomic Energy Commission's budget is reduced from Rs4.7 billion to Rs781 million. The budget has been finalised by a committee comprising Deputy Prime Minister Ishaq Dar and PM's political Advisor Rana Sannuallah Khan. Such large allocations for the provincial projects are in breach of commitments to the IMF for reducing federal expense on provincial projects. The sources said that some of the NEC members discussed the low agriculture sector growth of mere 0.6% in this fiscal year and urged to change the economic policies, including high cost of inputs. The participants of the meeting said that Sindh asked to review the agriculture income tax and take it up with the IMF. Finance Secretary Imdad Ullah Bosal did not comment on the question whether the Ministry of Finance will take up the matter with the IMF. The four provincial governments have passed the new agriculture income tax laws but these have not yet been enforced. There is high chance that the IMF would not entertain any such request. The Khyber Pakhtunkhwa government took up the issue of delay in reopening the NFC award, as the provincial government is demanding higher share in the light of merger of the tribal districts. The prime minister assured the K-P government to convene the NFC meeting in August. However, the government has further reduced the K-P merged districts allocation from Rs70 billion to Rs65.4 billion that had been approved by the APCC on Monday. The Punjab government raised the issue of higher taxes on agriculture machinery. The NEC approved Rs2.86 trillion for the four provincial governments, with the highest spending outlay of Punjab worth Rs1.2 trillion. Khyber-Pakhtunkhwa will spend Rs417 billion. Sindh government plans to spend Rs995 billion and the Balochistan government is proposing Rs280 billion for development. The proposed development allocations by the four provinces are roughly Rs860 billion more than what the IMF has included in its plan. It means either the provinces will not be able to spend the entire allocations or the IMF cash surplus target will not be met. The NEC also reviewed the implementation of the annual plan for this fiscal and approved the economic targets for the next fiscal. It also took a review of the implementation of the PSDP for the current fiscal year, taking note of low utilization of the funds. The NEC also discussed the progress report of the CDWP & schemes approved by CDWP and ECNEC in the past one year. The NEC authorized the publication of 13th Five Year Plan 2024-29 and approved the URAAN Pakistan Implementation Framework. Exports are projected at $35.3 billion, while foreign remittances are expected to exceed $39.4 billion in the next fiscal year. Imports are projected at $65.2 billion with the current account deficit estimated at $2.1 billion for the next fiscal year. Currently, 1,071 development projects with a total cost of Rs13.4 trillion are under implementation. These projects require an additional Rs10.2 trillion to be completed, and the planning ministry estimates it would take more than a decade to finish them all. The NEC also approved to publish the Five-year economic plan 2024-29. The NEC was told that 13th Five-Year Plan has been updated as a result of stakeholders' consultations and is ready for publication the five year's plan is aimed at a balanced regional and equitable development, enhance export orientation of the economy - vibrant SMEs sector - social protection and poverty alleviation - improve the quality of human resources - moving into the knowledge economy - adaptation and mitigation strategy to combat climate change. The Prime Minister had launched 'URAAN Pakistan' on 31st December, 2024 and the NEC on Wednesday approved its implementation framework.
Business Recorder
6 days ago
- Business Recorder
Dar for meeting SAP uplift targets in timely manner
ISLAMABAD: Deputy Prime Minister/ Foreign Minister Ishaq Dar chaired the 46th Steering Committee meeting of the Sustainable Development Goals Achievement Programme (SAP). The meeting was attended by key stakeholders, including federal ministers for Inter-provincial Coordination, Planning and Development, Power, Parliamentary Affairs, SAPM Tariq Bajwa; federal secretaries; Members of the National Assembly, and representatives of provincial governments. The meeting focused on reviewing the utilisation of savings and available funds with executing agencies, and streamlining implementation to ensure timely completion of ongoing schemes. 'Resources utilized in best interest of citizens' The DPM/FM emphasised the importance of fully utilising the allocated resources before the close of the current financial year, underscoring the need to deliver results within the stipulated timelines. He directed all stakeholders to expedite efforts to ensure timely development targets. The DPM/FM noted the government's resolve to aligning development efforts with the Sustainable Development Goals (SDGs), for inclusive and meaningful progress that reflects the development priorities of the nation. Copyright Business Recorder, 2025
Express Tribune
7 days ago
- Express Tribune
Islamabad, Kabul bonhomie surges
Pakistan and Afghanistan stepped up their contacts as a new push to reset their long troubled ties is making significant strides, officials said here as the foreign ministers from the two countries spoke on Sunday by phone. The latest telephonic conversation between Deputy Prime Minister Ishaq Dar and Afghan Interim Foreign Minister Amir Khan Muttaqi came days after Pakistan agreed to upgrade diplomatic ties with Kabul. The Interim Afghan government welcomed Pakistan's move to appoint a full time Ambassador in Kabul, becoming the fourth country to do so. China took the lead last year when it sent a full time ambassador to Kabul and accepted a Taliban Envoy in Beijing. China has been instrumental in persuading Pakistan and Afghanistan to exchange ambassadors. The breakthrough came after the interim Taliban government took a series of steps to address Pakistan's concerns over the cross border terrorist attacks. Pakistani officials confirmed to The Express Tribune that Kabul for the first time moved against elements particularly the Afghan nationals who either joined the banned Tehreek-e-Taliban Pakistan (TTP) or were thinking to be part of the group. Scores of such Afghans were arrested as well as those who were facilitating young people to join the ranks of TTP. Those steps encouraged Pakistan to increase interaction with the Afghan Taliban government. The decision was also significant since India was trying to exploit the strained relationship between Pakistan and Afghanistan to its advantage. A statement issued here by the Foreign Office said Foreign Minister Muttaqi welcomed the decision of Pakistan to up-grade its diplomatic relations to the ambassador level and informed that Afghanistan decided to reciprocate the same. He termed it a very positive development in bilateral relations. Both leaders also reviewed implementation of decisions taken during DPM/FM's visit to Kabul on 19 April 2025 and vowed to continue working together to establish mutual trust between the two brotherly nations. Emphasizing the importance of Uzbekistan-Afghanistan-Pakistan (UAP) Railway Line Project for regional connectivity, both leaders agreed to work closely for an early finalisation of the framework agreement, according to the statement. The Afghan foreign minister is expected to visit Islamabad soon. This will be Muttaqi's first visit to Pakistan in two years. Pakistan and Afghanistan ties have remained strained since Taliban returned to power in August 2021.
