Latest news with #Ejaz
Express Tribune
3 days ago
- Business
- Express Tribune
Gohar Ejaz seeks major interest rate cut
With the Monetary Policy Committee (MPC) set to meet on July 30 (Wednesday), former caretaker commerce minister Dr Gohar Ejaz has warned that Pakistan's current interest rate is crippling economic growth. He pointed out that the country's 11% policy rate against a 3.2% inflation rate results in a punitive real interest rate of 7.8%, nearly double India's 3.4% and over five times China's 1.4%. In a post on X, Dr Ejaz, who also chairs the Economic Policy & Business Development Think Tank, compared regional economic conditions, noting that Pakistani businesses are paying double the financing costs of their regional counterparts while also facing electricity rates of 12-14 cents per kWh, compared to 59 cents in neighbouring countries. "Pakistani businesses pay double regional financing costs while facing electricity at 12-14 cents/kWh versus 5-9 cents regionally," Dr Ejaz wrote in a post on X. Meanwhile, he highlighted, unemployment in Pakistan stands at a staggering 22%, in contrast to 4.2% in India and 4.57% in China. Referring to the country's previous macroeconomic volatility, he wrote: "The 2022 boom-bust cycle with $17.5 billion current account deficit was not caused by low interest rates but by $3 billion vaccine imports and $12 billion in higher oil and gas payments due to Ukraine war-induced global energy price spikesfactors completely unrelated to domestic interest rates." Dr Ejaz argued that fiscal and monetary policies appear to be working at cross purposes. "FBR targets 18% revenue increase while monetary policy suppresses the business activity generating taxes. State Bank reserves rose $5.4 billion to reach $14.46 billion (as of 18th July 2025) through borrowingnot exports or productive growth." Calling for urgent reforms, he suggested cutting the policy rate to 9% immediately and to 6% by 31st December 2025.
Express Tribune
21-07-2025
- Politics
- Express Tribune
IHC issues contempt notices to PM Shehbaz, cabinet in Dr. Aafia case
Listen to article Islamabad High Court (IHC) on Monday issued contempt of court notices to Prime Minister Shehbaz Sharif and members of his federal cabinet over non-compliance in the case concerning efforts for the release of Dr Aafia Siddiqui. The court directed the federal government to submit a response within two weeks. A written order, authored by Justice Sardar Ejaz Ishaq Khan, noted a pattern of repeated executive defiance and interference in judicial functions. "Despite the court order, the federal government failed to submit reasons before the court," the IHC said. "The court has no option left but to issue a contempt of court notice to the federal government." Justice Ejaz remarked that the judiciary had been under persistent attack. 'We have witnessed one attack after another on the pillars of justice. These attacks have repeatedly wounded the justice system and brought it to the verge of collapse.' He further stated, 'today, yet another example of assault on the judiciary has come to light.' Referring to administrative interference in the court's functioning, Justice Ejaz observed, 'justice delivery by one high court judge was being controlled through a weekly roster under the office of the Chief Justice.' 'This situation is both horrifying and absurd at the same time,' he said. 'It is a contradiction that has now become the hallmark of this high court.' Justice Ejaz also recalled that since the 26th Constitutional Amendment, a so-called 'demolition squad' had been effectively brought into the high court. 'The executive's tricks became evident elsewhere,' he said, adding that court proceedings were being restricted through the roster mechanism. He pointed out that judges wishing to hear cases during judicial vacations were denied permission by the court's administration. 'If a judge wishes to hold court during vacations to deliver justice, the high court administration will not permit it,' he said. The judge added that the government had been given ample opportunity to comply. 'The court had given the government an opportunity to present its report,' Justice Ejaz said. The Assistant Attorney General was warned earlier that contempt proceedings would be initiated if the report was not filed. Rather than submit the report, the government filed an appeal in the Supreme Court against the order to submit an amended application, the court noted. 'For whatever reason, the Supreme Court did not hear the government's case,' Justice Ejaz remarked.
Business Recorder
18-07-2025
- Business
- Business Recorder
Gohar says ‘essential to maintain market-based exchange rate'
ISLAMABAD: The country is on track for positive economic development and growth, and any attempt to manipulate the exchange rate by any segment must be strongly resisted, as it would risk undoing three years of hard-earned economic stabilisation efforts. This was stated by former caretaker minister Gohar Ejaz. 'In June, the Real Effective Exchange Rate (REER) stood at 96.61, indicating that the Pakistani rupee is currently undervalued. It is essential to maintain a market-based exchange rate to preserve macroeconomic progress. 'The country is on track for positive economic development and growth, and any attempt to manipulate the exchange rate by any segment must be strongly resisted, as it would risk undoing three years of hard-earned economic stabilisation efforts,' Ejaz stated. He further said that the State Bank of Pakistan (SBP) must continue to maintain positive real interest rates in accordance with the International Monetary Fund (IMF) agreement and basic economic principles. 'However, the current policy rate is 11%, while full-year inflation for 2025 stands at 4.6%. Maintaining a policy rate that is 6.4 percentage points above inflation lacks sound economic justification,' he added. Ejaz said Pakistan recorded a current account surplus of $2.1 billion in FY25 — the first in 14 years — a direct result of consistent economic policies and a stable exchange rate. The stock market reflects this renewed confidence.
Business Recorder
20-06-2025
- Business
- Business Recorder
Experts urge FBR to broaden tax base to meet FY26 target
ISLAMABAD: Experts recommended that Federal Board of Revenue (FBR) needs to increase the tax base to achieve revenue target of Rs14.1 trillion in 2025-26 without burdening existing taxpayers. Pakistan's numbers tell a compelling story with only 5.9 million tax filers out of 71 million workforce (8.4 percent, tax filer to workforce ratio), while banks hold 177 million accounts, with 137 million unique account holders (60% of adult population), and Rs32.7 trillion in deposits (as of May 2025)—all with complete KYC data with the Banks. These figures were shared by former minister for Interior and Commerce GoharEjaz on X formerly known Twitter. He sated FBR needs help to find non-tax filers. This is where they need to look: total tax filers in Pakistan 5.9 million (2024-25), individuals (5.8 million), Business Partnerships (AOPs) ( 104,269) and companies (87,900). Ejaz further stated that FBR doesn't need to tax existing filers more—it needs to expand the tax base. With withholding taxes at Rs. 1.59 trillion and voluntary payments at Rs. 1.12 trillion (first half of 2024-25), the compliant are already contributing. 137 million unique bank account holders vs 5.9 million tax filers is a stark low number, he added. FBR must target non-filers—going after existing taxpayers will not work as they're already overburdened. Banks have comprehensive KYC data on account holders with substantial deposits. Non-filers' complete account details, transaction histories, and financial profiles are readily available. Smart governance means using available data intelligently. The path to Pakistan's revenue targets lies not in over-burdening the 5.9 million compliant taxpayers, but in identifying and bringing the remaining 131 million bank account holders with significant financial footprints into the formal tax system, Ejaz added. Copyright Business Recorder, 2025
Time of India
11-05-2025
- Time of India
Youth booked for harassing 19-year-old girl in Lucknow
1 2 3 Lucknow: A youth was booked on Sunday for allegedly assaulting and harassing a 19-year-old girl for several to police, Ejaz, 25, assaulted the girl and broke her mobile phone near her coaching centre on Khadra Chungi road in the Daliganj area on May complainant said the accused followed her and harassed her for several days. On Wednesday, he allegedly confronted her near a coaching institute, forcibly stopped her, physically assaulted her, and smashed her submitted her complaint at the Madeyganj police station on May 9. SHO, Madeyganj, Rajesh Kumar Singh, said that an FIR was registered against the named accused under the relevant sections, and a probe is being conducted in the case. Teams are working to nab the accused. Sub-Inspector Vinod Kumar has been assigned to investigate the matter. Get the latest lifestyle updates on Times of India, along with Mother's Day wishes , messages , and quotes !
