Latest news with #MuzzammilAslam
Business Recorder
6 days ago
- Business
- Business Recorder
CPF scheme: KP govt, Pak-Qatar Takaful ink deal
PESHAWAR: The government of Khyber Pakhtunkhwa signed an agreement with Pak-Qatar Takaful as fund manager under the Contributory Provident Fund (CPF) scheme on Thursday. The agreement was signed in a simple but impressive ceremony held at the Finance Department's Conference Room. Besides, Advisor on Finance to KP government, Muzzammil Aslam, Secretary Finance Amer Sultan Tareen, and Additional Secretary Budget Arshad Ali, Team lead Abdul Qayyum, Deputy Director Pension Cell Naveed Alam, along with the delegation representing Pak-Qatar Takaful attended the ceremony. Speaking on the occasion, Finance Advisor Muzzammil Aslam said that the Khyber Pakhtunkhwa Government is expanding the Contributory Provident Fund scheme to further strengthen its pension reform efforts. The CPF, launched in 2022 for provincial civil servants, is a flagship pension initiative, and more than 59,000 government employees have been registered under the scheme so far. This programme is based on a joint contribution model aimed at securing the financial future of government employees — wherein the employee contributes 10% of their basic pay while the government contributes 12% monthly. It was highlighted at the event that a key feature of the CPF scheme is the outsourcing of its investment component, which operates under the Voluntary Pension System (VPS) model - a structured pension framework regulated by the Securities and Exchange Commission of Pakistan (SECP) since 2005. The Khyber Pakhtunkhwa Government has adopted this model after tailoring it to meet the specific needs of the province. The Advisor on Finance also explained that the CPF scheme engages only those Asset Management Companies (AMCs) that are licensed by the SECP and have a minimum credit rating of AM2 - reflecting high standards of professional fund management. Since the scheme's launch, the government had entered into agreements with 12 such licensed AMCs. During the ceremony, it was shared that Pak-Qatar Family Takaful Limited recently obtained its VPS license and applied to become a fund manager under the CPF scheme. After a comprehensive evaluation, the Khyber Pakhtunkhwa Government formally signed the agreement with Pak-Qatar on July 23, 2025, through the office of the Secretary Finance. With this agreement, Pak-Qatar becomes the 13th approved fund manager on the CPF investment panel. This expansion reflects the Khyber Pakhtunkhwa Government's commitment to providing diversified, professionally managed, and Shariah-compliant investment options under its pension framework to ensure transparency, long-term sustainability, and employee confidence. Copyright Business Recorder, 2025
Business Recorder
21-07-2025
- Business
- Business Recorder
PTI not a Kohistan scam beneficiary, claims advisor
PESHAWAR: Advisor to KP Chief Minister on Finance and Inter-Provincial Coordination Muzzammil Aslam has claimed that the Kohistan corruption case is a non-political corruption case in which no any PTI leader received funds. He said that Pakistan Tehreek-e-Insaf has been unjustly targeted with hundreds of cases, and if PTI had any involvement in this case, countless more cases would have been made. Aslam said that Chief Minister Ali Amin Gandapur has already said that his government is ready to cooperate and that the funds related to the Kohistan corruption case should be reimbursed to the province. He said the reality is that those who ruled the country for 75 years left loopholes in the system so that things could continue unchecked. Despite provincial autonomy under the 18th Amendment, the federal government has continued to play a role in Khyber Pakhtunkhwa's payment disbursement system, and all payments are still cleared through federal checks, he said. Reacting to the ongoing narratives around corruption in Pakistan, he said Pakistan ranks 135th out of 180 on the Corruption Perception Index, a position it has hovered around for decades. The country's judiciary ranks 129 out of 142, and its Human Development Index is 168 out of 193, clearly reflecting the nation's 78-year track record. He questioned who has ruled Pakistan to bring it to this point. He added that the Kohistan scandal has now neared conclusion and the NAB has recovered the funds. He said efforts are being made to divert attention from bigger national scandals by making Khyber Pakhtunkhwa the focus of headlines. He questioned what happened with the recent sugar scandal worth Rs. 250 billion, the wheat import scandal under the caretaker and PDM governments worth Rs. 400 billion, and the NAB NRO involving Rs. 1100 billion under the PDM. He also questioned the whereabouts of Islamabad road development funds, the Rs.1000 billion financial irregularities in Punjab, the Neelum-Jhelum project corruption of Rs. 500 billion, and the status of the Rs. 5000 billion circular debt and IPP cases, as well as the Toshakhana case from 1947 to 2025. Aslam criticized what he called double standards, saying that when a natural disaster hits Khyber Pakhtunkhwa, PTI is labeled as incompetent, but when the same happens in Punjab or under federal rule, praise is published in newspapers. He described this as sycophancy from the 1990s and stated that people have changed — now the youth are in charge, and they are aware of the truth. Copyright Business Recorder, 2025
Express Tribune
08-07-2025
- Business
- Express Tribune
FBR shortfall to cost K-P Rs100b, says CM aide
K-P Chief Minister Advisor on Finance Muzzammil Aslam said the Federal Board of Revenue (FBR) has collected Rs1,200 billion less in revenue, which will result in Khyber-Pakhtunkhwa receiving Rs100 billion less in federal transfers. Addressing the Khyber-Pakhtunkhwa Post-Budget Conference, the CM's aide said Khyber-Pakhtunkhwa transferred Rs150 billion into the Debt Management Fund last year, which will yield Rs17 billion in annual revenue. This revenue will be the highest of any department in the province after the Khyber-Pakhtunkhwa Revenue Authority (KPRA). Advisor Muzzammil Aslam emphasised that all departments should work on increasing revenue and strengthening monitoring and evaluation mechanisms for the betterment of the province. He noted it is the duty of the province's approximately 700,000 employees to immediately provide relief to the population of 45 million and to do justice to their positions. He further stressed the importance of aligning budgetary resources with grassroots needs and reiterated the government's commitment to converting financial planning into real and tangible improvements in people's lives. Special Secretary Finance Muhammad Asif presented the key features of the budget, outlining revenue estimates, expenditure priorities, sectoral allocations, fiscal discipline, and reform initiatives included in the 2025-26 budget. The objective of the post-budget conference was to provide a shared platform for understanding and discussion on the recently presented provincial budget – an important milestone to promote transparency, accountability, and public understanding of the budget's priorities and implications. The conference was attended by Secretary Finance Amer Sultan Tareen, Special Secretary Budget Muhammad Asif, Special Secretary Regulation Abidullah Kakakhel, as well as secretaries of various departments, additional secretaries, deputy secretaries, budget officers, and economists.
Express Tribune
19-06-2025
- Business
- Express Tribune
PTI chief's order stalls K-P budget
A directive from the Pakistan Tehreek-e-Insaf (PTI) Patron-in-Chief not to approve the Khyber Pakhtunkhwa (KP) budget without prior consultation with him has become a serious constitutional and administrative challenge for the provincial government. The government now finds itself caught between the leader's directive and constitutional obligations. According to the schedule, the K-P budget must be approved by June 24. Failure to do so before the end of the current fiscal year could empower the Governor to ask the Chief Minister to seek a vote of confidence, or even advise the President to impose economic emergency under Article 234 of the Constitution. The government has held multiple sessions with constitutional experts to resolve the impasse, but no breakthrough has been achieved so far. The PTI Patron-in-Chief had expressed a desire to meet with K-P Chief Minister Ali Amin Gandapur, Finance Advisor Muzzammil Aslam, and other economic experts regarding the budget. However, prison authorities allowed him to meet only the chief minister. In response, the PTI leader issued strict instructions: no budget approval without full consultation with economic advisors. Although the budget has been presented in the K-P Assembly, the party leadership has yet to be consulted. Chief Minister Gandapur has reiterated his stance that the budget will not be passed without explicit approval from the party chief. As debate on the budget continues, approval of departmental demands for grants is scheduled to begin today. According to parliamentary procedures, approving these demands effectively means passing the budget. Meanwhile, the government has again consulted legal experts. Constitutional experts warn that if the budget is not passed by June 30, it would be considered a failure of the government. Under such circumstances, the Governor can invoke Article 234 and advise the President to impose economic emergency, citing both financial and constitutional crises. Additionally, the Governor may direct the Chief Minister to seek a vote of confidence, and the President could refer the matter to the National Assembly. Law Minister Aftab Alam told The Express Tribune that the government is trying its best to ensure timely budget approval in accordance with the schedule. However, he emphasized that the PTI leader's directive stands: no approval without prior consultation. He warned that if a crisis emerges, the federal government would bear responsibility for denying access to the party leadership. The Provincial Assembly Secretariat, when contacted, stated that it is following the approved schedule, and it is the government's responsibility to ensure the budget's timely passage.
Express Tribune
17-06-2025
- Business
- Express Tribune
K-P utilises Rs120b ADP budget for current fiscal
K-P Chief Minister's Advisor on Finance and Interprovincial Coordination Muzzammil Aslam told the K-P Assembly that the Khyber-Pakhtunkhwa government not only successfully completed the Annual Development Program (ADP) worth Rs120 billion for the ongoing fiscal but also incurred development expenditures exceeding Rs150 billion. Responding to questions during the provincial assembly's budget session, the CM's aide said the current government, prioritizing public welfare, introduced financial reforms, curtailed expenditures, increased revenues, and succeeded in presenting a surplus budget — a first in the province's history. He further noted that the government had secured Rs150 billion in a debt fund to gradually pay off the province's debts. The finance advisor emphasized the need for the federal government to fulfill the province's financial rights, adding that Chief Minister Ali Amin Gandapur had forcefully and effectively advocated for the protection of Khyber-Pakhtunkhwa's constitutional and financial rights in relation to the National Finance Commission (NFC) Award. As a result of these efforts, positive outcomes are emerging, and the federal government is now preparing to announce the 11th NFC Award, said Aslam. Drawing attention to the challenges in the education sector, he highlighted that although the out-of-school children situation in Khyber Pakhtunkhwa was better than in other provinces, 30% of children in the province were still out of school — a concerning reality. In light of this, the government is declaring an "education emergency" to ensure that every child has access to education, the K-P CM advisor said.
