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Business Recorder
a day ago
- Business
- Business Recorder
PM says issues facing Balochistan will be resolved
QUETTA: Prime Minister Muhammad Shehbaz Sharif Saturday said the issues faced by the people of Balochistan would be resolved amicably and funds would be made available for the development and progress of the largest province. Addressing a grand Jirga of Balochistan here, he said all provinces were like brothers and would equally share resources of the country. The federal government was spending Rs 70 billion on the solarisation project in Balochistan, he said, adding Rs 150 billion would be diverted for the building of highway N25 in Balochistan. These funds would be acquired from the amount which the government was collecting after the lowering down of prices of petroleum products in the international market. India has intensified 'terrorism campaign' inside Pakistan through proxies, says PM Shehbaz The prime minister said the government would allocate Rs 1000 billion for the Public Sector Development Programme (PSDP) this year and 25 percent or Rs 250 billion from the fund would be for projects in Balochistan. He said federal funds were the right of people of Balochistan and every penny would be spent transparently on the progress and prosperity of the province. As chief minister of Punjab, he said, he has allocated ten percent quota for the students of Balochistan in different schemes of Punjab including laptop schemes and scholarships in the foreign and provincial educational institutions. In the past, Rs two billion were allocated for a heart hospital in Balochistan, he continued. He recalled that Punjab had agreed to give part of its funds from the National Finance Commission (NFC) Award to Balochistan in view of its development needs as the province had a larger area. In today's value, the funds diverted to Balochistan amounted to Rs 160 billion, he explained. The NFC award was signed in Lahore in 2010 after three days of discussions among the national leadership including President Asif Ali Zardari, the then prime minister Syed Yousaf Raza Gilani and Nawaz Sharif, he added. He said in the tenure of Nawaz Sharif lot of development projects were undertaken in Balochistan and President Zardari initiated Aghaz-e-Haqooq-e-Balochistan. He said the elders of Balochistan decided to become part of Pakistan under the leadership of Quaid-e-Azam Muhammad Ali Jinnah. Talking about incidents of terrorism in Balochistan, he said terrorists were blood thirsty and were against the progress of Pakistan and were undertaking heinous acts at the behest of foreign elements. He said terrorists in Balochistan were foreign agents who had resorted to barbarity but they would not be tolerated by the government and armed forces of Pakistan. He assured that social and economic justice would be delivered to the people of Balochistan. Referring to the latest incidents in Sorab, he said the country could not make progress without peace. Talking about conflict with India, he said on the midnight of May 6 and 7 and May 10 India attacked Pakistan but with the grace of Allah, the armed forces of Pakistan bravely defeated the enemy, who will remember its failure forever. He thanked people of Pakistan for showing unity and standing with the Pakistan army shoulder to shoulder during the conflict. As prime minister he was witness to all the events of the short duration war, he said adding as a brave and sagacious leader Field Marshal Syed Asim Munir led Pakistan armed forces to a victory against India and made the nation proud and the success was akin to avenging the events of 1971. He said now the enemy was scared and the friendly countries were more confident after success of Pakistan. He recalled that Pakistan conducted six nuclear explosions in response to five detonations of India in 1998, adding Nawaz Sharif was leader of the nation on that momentous occasion, which fortified the defence of Pakistan. Field Marshal Chief of Army Staff Syed Asim Munir, Acting Governor Balochistan Governor Abdul Khaliq Achakzai, Chief Minister Balochistan Mir Sarfraz Bugti and high ranking military and civil officials attended the event. Prime Minister Muhammad Shehbaz Sharif Saturday stressed that the threats faced by Pakistan were no longer confined to conventional warfare and highlighted the need for preparedness across multiple domains. He was addressing officers at the Command and Staff College here. Joined by Chief of Army Staff Field Marshal Syed Asim Munir, Balochistan Chief Minister Mir Sarfraz Bugti, Federal Ministers Ahsan Iqbal and Attaullah Tarar, Balochistan Corps Commander Lt Gen Rahat Naseem Ahmed Khan, and DG ISPR Major General Ahmed Sharif Chaudhry, the Prime Minister outlined a comprehensive vision for national resilience. 'Pakistan's threats are no longer limited to traditional warfare,' said PM Sharif. 'Our military, political, and economic institutions must be equally prepared to face hybrid challenges, from border security to economic sabotage.' He paid tribute to the Pakistan Armed Forces for their valour and professionalism, citing the response to the Pulwama incident as an example of national strength. 'While India targeted innocent civilians, our Air Force responded with precision, striking seven high-value targets,' he said, adding that the incident proved Pakistan's operational readiness on land and in the air. The Prime Minister strongly criticised India's propaganda and its attempt to weaponize events like the Pulwama attack. He emphasised that Pakistan responded firmly, diplomatically and militarily. 'India tried to make water a weapon, but we have drawn a red line. Pakistan will never allow its water rights to be violated,' he added. He praised the leadership of Field Marshal Asim Munir and Air Chief Marshal Zaheer Ahmad Babar for their strategic foresight, asserting that Pakistan's armed forces and people stand united against any aggression. 'The recent tensions have only boosted the morale of our nation and forces,' he remarked. He noted that when he assumed office for 16-month tenure, the country was facing severe challenges, but none were insurmountable. 'Our focus remains on the economy, reforms, and counterterrorism,' he said. He pointed to significant achievements since the beginning of economic reforms in March 2024. 'Tax revenue has increased by 28% compared to last year. The introduction of a faceless assessment system at Karachi Port has improved transparency. Inflation has dropped from 38% to single digits. The Pakistani rupee is now stable,' he added. Shehbaz Sharif also emphasized the government's zero-tolerance policy on corruption, crediting tough decisions and anti-smuggling measures for economic stabilization. 'We are introducing modern technologies, including crypto regulation and blockchain, to align Pakistan with the global financial landscape,' he announced. He reaffirmed Pakistan's strong ties with countries like China, Saudi Arabia, Turkiye, Qatar, and the Gulf states. 'Our strategic friendships have endured every test. These nations stood by us in our most difficult times,' he said. The Prime Minister called for collective national effort and hard work to join the ranks of great nations. 'Success comes from perseverance. Together, we will transform Pakistan into a model for the world,' he declared. Copyright Business Recorder, 2025
Express Tribune
a day ago
- Politics
- Express Tribune
PM amenable to dialogue with ‘misled people' in Balochistan
Listen to article Prime Minister Shehbaz Sharif is willing to sit across the table with 'those who have been misled… who have been led astray' in Balochistan as he promised 'social and economic justice' to the people of the impoverished province which has been caught up in a spiral of deadly violence since 2006. 'We must strive to win back the people who were misled [by terrorists] to the wrong track. If there are any grievances, they should be resolved through dialogue in the spirit of brotherhood,' he said while referring to chronic grievances in the dirt-poor province which have been exploited by Baloch terrorist groups to promote their violent narrative. The prime minister was addressing a grand jirga in Quetta on Saturday which brought together tribal elders, lawmakers, and key stakeholders for consultations aimed at resolving long-standing issues, particularly those related to security and development. Field Marshal Chief of Army Staff Syed Asim Munir, Baochistan's Acting Governor Abdul Khaliq Achakzai, Chief Minister Mir Sarfraz Bugti and high ranking military and civil officials were also in attendance. کوئٹہ: وزیرِ اعظم محمد شہباز شریف کا بلوچستان گرینڈ جرگہ سے خطاب! — Government of Pakistan (@GovtofPakistan) May 31, 2025 Expressing gratitude for the warm welcome he received at the jirga, the prime minister described Balochistan as 'a beautiful province of brave people and the heart of Pakistan.' There has been an uptick in terrorist violence in the province which civil and military officials have blamed on India. 'The bloodthirsty terrorists, who are against the progress prosperity of Pakistan, are carrying out heinous acts of terrorism at the behest of foreign elements,' Premier Shehbaz said while referring to India. 'They must be stopped. We all must defeat their nefarious designs. If there are shortcomings in our response, these could be addressed with your guidance,' he told the jirga participants. 'All provinces are like brothers and will equally share resources of the country,' PM Shehbaz said, adding that the federal government was spending Rs70 billion on a solarisation project in Balochistan. Similarly, Rs150 billion would be diverted for building N25 highway, which is commonly referred to as the 'bloody highway' due to its precarious condition. Money for these projects would be acquired from the amount which the government was collecting after the drop in the prices of petroleum products in the international market. Prime Minister @CMShehbaz has called upon all stakeholders in Balochistan to join hands with the government and armed forces of Pakistan for lasting peace and prosperity in the province@dpr_gob @PakPMO #RadioPakistan #News — Radio Pakistan (@RadioPakistan) May 31, 2025 The prime minister said that the government would allocate Rs1,000 billion for the Public Sector Development Programme (PSDP) this year and 25 per cent, or Rs250 billion, from the fund would be for projects in Balochistan. He said federal funds were the right of people of Balochistan and every penny would be spent transparently on the progress and prosperity of the province. He recalled that during his tenure as the chief minister of Punjab, he had allocated 10 per cent quota for students of Balochistan in different schemes of Punjab, including laptop schemes and scholarships in foreign and provincial educational institutions. In the past, Rs2 billion was allocated for a cardiac hospital in Balochistan, he added. The prime minister also recalled that Punjab had agreed to give part of its share from the National Finance Commission (NFC) Award to Balochistan in view of its development needs as the province is the largest in terms of area. 'In today's value, the funds diverted to Balochistan amount to Rs160 billion,' he explained. Read More: PM Shehbaz 'ready for talks' with India on water, trade The NFC award was signed in Lahore in 2010 after three days of discussions among the national leadership, including President Asif Ali Zardari, then prime minister Yousaf Raza Gilani and Nawaz Sharif, he added. He said that during Nawaz Sharif's tenure as prime minister a lot of development projects were undertaken in Balochistan and President Zardari had initiated Aghaz-e-Haqooq-e-Balochistan package. Talking about the recent conflict with India, Premier Shehbaz said that on the night between May 6 and 7 and May 10 India attacked Pakistan but with the grace of Allah, the armed forces bravely defeated the enemy, who will remember its defeat forever. He thanked people of Pakistan for showing unity and standing shoulder to shoulder with Pakistan Army during the conflict. Read More: India's 'hydro terrorism' untenable: COAS 'As the prime minister I was witness to all the events of the short duration war,' he said, adding that 'as a brave and sagacious leader Field Marshal Syed Asim Munir led Pakistan armed forces to a victory against India and made the nation proud.' He said that the triumph over India was akin to avenging the events of 1971. 'Now the enemy is scared and Pakistan's friendly countries are more confident after Pakistan's military victory over India,' he claimed.
Business Recorder
2 days ago
- Business
- Business Recorder
Issues of Balochistan to be resolved amicably: PM Shehbaz
Prime Minister Muhammad Shehbaz Sharif on Saturday said the issues faced by the people of Balochistan would be resolved amicably and funds would be made available for the development and progress of the largest province. Addressing a grand jirga of Balochistan, he said the four provinces were like brothers and would equally share resources of the country. The federal government was spending Rs70 billion on the solarisation project in Balochistan, he said, adding Rs150 billion would be diverted for the building of highway N25 in Balochistan. India has intensified 'terrorism campaign' inside Pakistan through proxies, says PM Shehbaz The funds would be acquired from the amount, which the government was collecting after the lowering down of prices of petroleum products in the international market. The prime minister said the government would allocate Rs1,000 billion for the Public Sector Development Programme (PSDP) this year and 25% or Rs250 billion from the fund would be for projects in Balochistan. He said federal funds were the right of people of Balochistan and every penny would be spent transparently on the progress and prosperity of the province.
Express Tribune
2 days ago
- Business
- Express Tribune
Development budget for next fiscal to exceed Rs1tr
The federal government planned to allocate more that Rs1 trillion in the next year's budget for various development projects, including hundreds of billions of rupees for road infrastructure and water and power projects, and sizeable funds for the promotion of higher education. According to sources, a meeting of the Annual Plan Coordination Committee (APCC) has been convened on June 2 to finalise the Public Sector Development Programme (PSDP) and the Annual Development Plan (ADP) for fiscal year 2025-26. The plans will be forwarded to the National Economic Council (NEC) — to be chaired by the prime minister — for their approval this week. After the NEC approval the development schemes will be made part of the federal budget 2025-26 due to be unveiled on June 10. The total outlay of the development budget is expected to be more than Rs1 trillion, according to the sources. Under the proposed PSDP, they said that Rs170 billion allocation has been proposed for road construction, Rs140 billion for water projects, and Rs105 billion for the Power Division.
Business Recorder
3 days ago
- Business
- Business Recorder
A ‘bold' budget for next FY
EDITORIAL: Finance Minister Muhammad Aurangzeb while addressing an event organised by Karandaz Pakistan and Pakistan Banks Association claimed that macroeconomic stability has been achieved. However, this stability, as per the October 2024 documents relating to the approval of the ongoing Extended Fund Facility programme are, is disturbing as the country's vulnerabilities continue to persist. The Fund document notes, 'A large part of the economy is uncompetitive, propped up by the extensive use of protection, subsidies, and tax concessions, which have undermined the tax base. Protectionism, including from new entrants in domestic markets has undermined competition, leading to inefficiency and low productivity. A difficult business environment and weak governance have hindered investments, which remain significantly lower than peer countries, further undermining competitiveness. Economic volatility has only increased over time, with a tight correlation between Pakistan's boom-bust economic outcomes and its macroeconomic policies. The repeated attempts to boost economic activity through fiscal and monetary stimulus have not translated into durable growth, as domestic demand increased beyond Pakistan's sustainable capacity, resulting in inflation and depletion of reserves, given a strong political preference for stable exchange rates. Each subsequent bust has further harmed Pakistan's policy making credibility and investment sentiment.' Aurangzeb further stated that the government is preparing to introduce 'bold measures' in the budget with a focus on strategic direction. One must welcome this orientation that was lacking in previous budgets as the focus was on balancing the books through raising the target revenue to an unrealistic level that was rarely if ever met by the end of the year, and adjusting the shortfall through slashing the Public Sector Development Programme (PSDP). In addition, domestic and external borrowing was increasingly relied on to meet our external financing needs (read repayment of interest and principal as and when due on foreign debt) as well as the budget deficit targets agreed with the IMF; and in this context it is relevant to note that in the current fiscal year the budgeted external borrowing has not yet materialised, partly due to global factors but partly due to Pakistan's high-risk rating that continues in spite of claims of having achieved economic stability. Next year's foreign borrowing requirements are projected at 19.3 billion dollars, which no doubt would limit the government's capacity to introduce some 'bold measures' unless of course the government is able to slash current expenditure at best or keep it at 2024-25 levels at worst. The minister proceeded to aver that rather than making the math work the government intends to make the budget more strategic. This too must be appreciated though the recent statement by the Finance Ministry delivered during the meeting of the sub-committee of the National Assembly on Commerce should be a source of concern; notably, the acknowledgement that there was a disagreement with the Fund over some key budgetary figures including subsidy allocation. There is overwhelming evidence that Pakistan has almost no leverage with the Fund at present that would allow the authorities an element of phasing out the harsh up-front conditions without proactively exercising leverage through either pension reforms (with the start of employee contributions) and resisting a pay raise for the 7 percent of the workforce which receives a salary at the taxpayers' expense, a policy that no previous administration has been able to implement, and to strictly adhere to the math behind the budget document by adhering to the expenditure and revenue sources identified in the budget. The minister also claimed that Pakistan has achieved macroeconomic stability and emphasised the need for avoiding past mistakes that accounted for the boom-bust syndrome. There is no doubt that in the past the 'sugar high' he referred to was a factor that led the country to repeat the same mistakes over and over again: pumping liquidity into the market (through mainly government expenditure on industrial incentives and subsidies), which led to sustaining an industrial base (that envisages exporting the surplus rather than producing for export) that requires massive imports which, in turn, led to periodic balance of payment issues requiring IMF programme loans. The challenges facing the country's economy are immense and one can only hope that the finance minister stays the course, with full support from all stakeholders, otherwise the country would be pushed deeper into the mire with the prospect of success even more difficult. Copyright Business Recorder, 2025
