Latest news with #KhawajaMehbooburRehman
Business Recorder
4 days ago
- Business
- Business Recorder
PBF writes letter to NA Speaker: Call to declare ongoing fiscal year as ‘Year of Economic Legislation'
KARACHI: In a significant move aimed at spurring private sector growth, the Pakistan Business Forum (PBF) has written a letter to the Speaker of the National Assembly, urging Parliament to declare the ongoing fiscal year as the 'Year of Economic Legislation.' President PBF, Khawaja Mehboob ur Rehman emphasized that sustainable private sector growth is only possible when Parliament stands firmly with the business community. He expressed hope that the Speaker would play an active role in positioning the legislative branch as a true economic partner. 'It is imperative that Parliament leads the way in crafting legislation that binds banks to offer fair and accessible credit to the SME and startup sectors,' said the PBF President. 'For too long, the banking industry has operated on its own terms — refusing to extend credit to small businesses while focusing almost exclusively on lending to the government, which is an easier route.' Highlighting the deep-rooted financial access issues, particularly in Balochistan, the PBF pointed out the shocking reality that many businesses in the province are effectively excluded from the credit system. The Forum also raised alarms over Sections 37AA and 37B of the Finance Bill, demanding immediate revision. 'Mehboob warned that those measures would cripple businesses, accelerate unemployment and damage investor confidence. The chamber strongly condemned the extraordinary powers granted to Federal Board of Revenue (FBR) officials, unjust treatment of the business community and policy decisions made without business consultation. It demanded immediate withdrawal of those measures and a halt to economic victimisation of the business community.' 'If these clauses are not removed, the business community may be forced to shut down operations. These provisions have deeply shaken business confidence across Pakistan. We call upon the Speaker to form a special parliamentary committee to address these issues.' The letter further states that access to easy and fair credit is considered essential in all developed economies, but Pakistan continues to lag behind, with the government currently working on a 10-year industrial policy, the Forum warned that without enabling financial access for the private sector, the policy's objectives will remain unfulfilled. The PBF urged the National Assembly to act now, reiterating that sound parliamentary policy and legislation are the keys to national progress. The business community is looking for practical solutions, not confrontation, and hopes to avoid protest actions such as strikes. The forum further warned that if the government fails to do so, the business community will continue its protest against 37AA and 37B within the legal and democratic framework for a long time. Copyright Business Recorder, 2025
Business Recorder
4 days ago
- Business
- Business Recorder
Letter to NA Speaker: PBF urges parliament to declare FY26 ‘a year of economic legislation'
KARACHI: In a significant move aimed at spurring private sector growth, the Pakistan Business Forum (PBF) has written a letter to the Speaker of the National Assembly, urging Parliament to declare the ongoing fiscal year as the 'Year of Economic Legislation.' President PBF, Khawaja Mehboob ur Rehman emphasized that sustainable private sector growth is only possible when Parliament stands firmly with the business community. He expressed hope that the Speaker would play an active role in positioning the legislative branch as a true economic partner. 'It is imperative that Parliament leads the way in crafting legislation that binds banks to offer fair and accessible credit to the SME and startup sectors,' said the PBF President. 'For too long, the banking industry has operated on its own terms — refusing to extend credit to small businesses while focusing almost exclusively on lending to the government, which is an easier route.' Highlighting the deep-rooted financial access issues, particularly in Balochistan, the PBF pointed out the shocking reality that many businesses in the province are effectively excluded from the credit system. The Forum also raised alarms over Sections 37AA and 37B of the Finance Bill, demanding immediate revision. 'Mehboob warned that those measures would cripple businesses, accelerate unemployment and damage investor confidence. The chamber strongly condemned the extraordinary powers granted to Federal Board of Revenue (FBR) officials, unjust treatment of the business community and policy decisions made without business consultation. It demanded immediate withdrawal of those measures and a halt to economic victimisation of the business community.' 'If these clauses are not removed, the business community may be forced to shut down operations. These provisions have deeply shaken business confidence across Pakistan. We call upon the Speaker to form a special parliamentary committee to address these issues.' The letter further states that access to easy and fair credit is considered essential in all developed economies, but Pakistan continues to lag behind, with the government currently working on a 10-year industrial policy, the Forum warned that without enabling financial access for the private sector, the policy's objectives will remain unfulfilled. Copyright Business Recorder, 2025
Express Tribune
14-07-2025
- Business
- Express Tribune
NA urged to prioritise economic legislation
PML-N-led coalition government in the Centre now has 229 members in the NA. PHOTO: APP In a significant move aimed at spurring private sector growth, the Pakistan Business Forum (PBF) has written a letter to the speaker of the National Assembly, urging parliament to declare the ongoing fiscal year as the "Year of Economic Legislation." PBF President Khawaja Mehboobur Rehman emphasised that sustainable private sector growth was only possible when parliament stood firm with the business community. He expressed hope that the speaker would play an active role in positioning the legislative branch as a true economic partner. "It is imperative that parliament leads the way in crafting legislation that binds banks to offer fair and accessible credit to the SME and startup sectors," he said. "For too long, the banking industry has operated on its own terms, refusing to extend credit to small businesses while focusing almost exclusively on lending to the government, which is an easier route." Highlighting the deep-rooted financial access issues, particularly in Balochistan, the PBF pointed to the shocking reality that many businesses in the province were effectively excluded from the credit system. The forum also raised alarm over Sections 37AA and 37B of the Finance Act, demanding their immediate revision. Mehboobur Rehman warned that those measures would cripple businesses, accelerate unemployment and damage investor confidence. The PBF strongly condemned the extraordinary powers granted to Federal Board of Revenue (FBR) officials, unjust treatment of the business community and policy decisions made without business consultation. It demanded immediate withdrawal of those measures and a halt to economic victimisation of the business community.
Business Recorder
26-05-2025
- Business
- Business Recorder
PBF urges growth-focused budget in light of regional, economic situation
KARACHI: The Pakistan Business Forum (PBF) has urged the government to present a growth-focused budget in light of the current regional and economic situation. PBF President Khawaja Mehboob ur Rehman stressed that the upcoming budget must prioritize economic stability instead of just revenue generation. He warned that imposing more taxes could lead to an economic slowdown and harm long-term national interests. A budget that focuses only on meeting tax targets without addressing business and inflation concerns could worsen public and industrial stress. PBF also highlighted concerns over the government's reported plan to increase petroleum levy up to Rs100 per litre from July 1. Additionally, further taxation on electricity is being considered, which the forum believes will severely restrict economic activity. These measures, if implemented, could burden the already strained business sector and reduce industrial productivity. The forum believes such policies could discourage investment and delay recovery from the ongoing economic crisis. Businesses are already facing rising operational costs and shrinking margins. According to the Pakistan Business Forum, the government is also considering increasing tax targets by Rs2,000 billion in the new fiscal year. This figure, in their view, is unrealistic given the fragile state of the economy. Such a heavy tax burden would be unfair to the business community, which is already dealing with inflation and uncertainty. The forum recommended that the budget avoid new taxes and instead focus on relief for businesses and consumers. A more balanced approach could protect jobs and stabilize market conditions. The upcoming budget, scheduled to be announced on June 10, should provide direct support to the business environment and offer genuine inflation relief. The forum proposed reducing development expenditures and diverting those resources towards defence and economic recovery. They emphasized that the Ministry of Finance must acknowledge the exceptional nature of current challenges. Both the general public and national institutions cannot bear further inflation or instability. A responsible, supportive budget is essential for sustaining national strength. Copyright Business Recorder, 2025
