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Express Tribune
2 days ago
- Business
- 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.
Time of India
2 days ago
- General
- Time of India
30 bovines rescued in Nagpur, rural
Nagpur: In a series of coordinated operations across Nagpur city and rural areas, police units rescued 30 cattleheads being illegally transported or confined for slaughter under cruel and inhumane conditions. Separate raids and checkpoints by Pachpaoli police, Nagpur rural's local crime branch, and Deolapar police led to two arrests, vehicle seizures, and rescue of the distressed animals. In Pachpaoli, city police raided a shed in Azad Nagar, Teka, where 12 cattle were found crammed without food and water. The animals were allegedly being kept for slaughter. Acting on a tip-off, police arrested Mohsin Qureshi, 31, who confessed to the crime. Assets worth Rs1.81 lakh, including the animals, were seized. A case was filed under Maharashtra Animal Protection Act and Prevention of Cruelty to Animals Act. Simultaneously, Nagpur rural's local crime branch intercepted a pickup truck during a blockade near Borgaon Shivar on Bhandara-Nagpur road. The vehicle, without a registration number plate, was carrying 12 bovines. The driver attempted to flee but was arrested near Brahmini village. Authorities seized the truck and cattle worth Rs7.4 lakh and lodged charges under relevant laws. In a third incident, Deolapar police, based on intelligence, stopped a four-wheeler near Manegaon Tek. Six cattle were found stuffed inside the car. The driver fled the scene, abandoning the vehicle. Police recovered assets worth Rs2.9 lakh, and the rescued animals were sent to Cow Science Research Centre, Deolapar. The rescued cattle were relocated to govt-approved shelters for care and rehabilitation. These back-to-back actions reflect an intensifying crackdown by law enforcement agencies to curb illegal cattle trade in and around Nagpur. Further investigations are on to uncover broader networks involved in the illegal transport and slaughter of animals.
Express Tribune
13-05-2025
- Express Tribune
Husband-wife duo held for major robbery
In a significant breakthrough, Sangjani police have apprehended a husband-wife duo involved in a major house robbery in Islamabad's Sector D-17 and recovered gold and cash worth millions of rupees. According to police sources, the incident was reported by a resident, Fayaz, who returned from Lahore with his family after celebrating Eid, only to find his house burglarised. The complaint, lodged on April 5, stated that the family had left for Lahore on March 30. Upon returning, they discovered the main door lock broken and valuables including 38 tolas of gold, two mobile phones, and an electric sewing machine missing. Acting on the complaint, Sangjani police launched an investigation and successfully traced the accused couple, originally from Bari Chhapar Rangla, District Bagh, Azad Kashmir, who had been living in the same neighbourhood as the victim. The suspects reportedly confessed during interrogation, admitting they were aware of the family's absence during Eid and had planned the robbery accordingly. Police have so far recovered 8 tolas of gold and Rs2.9 million in cash, which was obtained by selling the remaining stolen gold. The arrested individuals have been booked under case number 561 of 2025 and charged under Sections 380 and 457 of the Pakistan Penal Code, pertaining to theft and housebreaking.
Express Tribune
08-02-2025
- Business
- Express Tribune
Three key IMF conditions met
Listen to article ISLAMABAD: Pakistan has met three out of the five major fiscal conditions set by the International Monetary Fund (IMF) for the first review of the $7 billion programme, thanks to improved performance by the federal and provincial governments, according to a finance ministry report. However, the Federal Board of Revenue (FBR)'s performance remained a concern, failing to meet two major targets: increasing taxes beyond Rs6 trillion and collecting a minimum of Rs23.4 billion in taxes from traders under the Tajir Dost Scheme during the first half of this fiscal year. The finance ministry on Friday released the fiscal operations summary for the July-December period of the current financial year. The IMF has set multiple fiscal conditions, whose successful completion will be crucial for the upcoming first review talks regarding the $1 billion second loan tranche. The fiscal operations' summary showed that Pakistan met the IMF targets for a primary budget surplus by the federal government, as well as net revenue collection and cash surplus targets by the four provinces. Against a primary surplus target of Rs2.9 trillion, the federal government reported a surplus of Rs3.6 trillion, or 2.9% of gross domestic product (GDP). This higher surplus was primarily due to fully booking the annual central bank profit in the first quarter, with the entire estimated profit of Rs2.5 trillion already accounted for. The four provinces collectively generated a cash surplus of Rs776 billion, exceeding the Rs750 billion target. Additionally, they collected Rs442 billion in revenues, surpassing the Rs376 billion target. However, the FBR failed to collect even Rs2 million under the Tajir Dost Scheme, far short of the Rs23.4 billion target. Moreover, against a six-month revenue target of over Rs6 trillion, the FBR pooled Rs5.624 trillion, falling short of the goal by Rs384 billion. Finance Minister Muhammad Aurangzeb stated last week that the IMF team is expected to arrive in early March for the first review talks. A successful review will pave the way for the release of the $1 billion loan tranche. Sources indicate that the FBR will attempt to persuade the IMF to lower the annual tax collection target, arguing that it is unattainable under current economic conditions. Last month, Prime Minister Shehbaz Sharif ruled out introducing a mini-budget to cover the tax shortfall. Provincial governments enjoy significant fiscal flexibility due to increased revenues under the National Finance Commission (NFC) award. During the July-December period, the four provincial governments spent approximately Rs3.4 trillion, with development spending reaching Rs639 billion. Their total revenues stood at Rs4.1 trillion, of which Rs3.3 trillion came from their shares in the federal taxes. A breakdown of provincial performance shows that Punjab, with total revenue of Rs1.9 trillion, spent Rs1.53 trillion, generating a surplus of Rs333 billion. However, the province recorded a statistical discrepancy of Rs199 billion, mainly due to below-the-line expenditures. Sindh booked a cash surplus of Rs264 billion after spending Rs968 billionwell below its total revenues. The province also reported a Rs22 billion statistical discrepancy. Khyber-Pakhtunkhwa (K-P) recorded a budget surplus of Rs86 billion, with Rs678 billion in income and Rs591 billion in expenditures. K-P also had a statistical discrepancy of Rs34 billion. However, K-P's Finance Advisor, Muzzammil Aslam, stated that, according to his calculations, the Pakistan Tehreek-e-Insaf (PTI) government had a cash surplus of Rs169 billion. He alleged that the federal government reduced K-P's surplus to Rs86 billion by manipulating statistical discrepancies. Aslam further claimed that the federal government stopped funding for the merged districts of K-P and allocated less money for current expenditures. He also asserted that K-P contributed an additional Rs40 billion to the pension and gratuity fund, which the federal government wrongly adjusted as expenditures. Balochistan generated a surplus of Rs91 billion. Pakistan has agreed to approximately 40 conditions under the $7 billion IMF deal. As part of the programme, the four provincial governments must generate a total cash surplus of Rs1.217 trillion in the current fiscal year. They have already surpassed their independent revenue target of Rs376 billion, collecting Rs442.4 billion. The country recorded a budget surplus of Rs3.6 trillion, or 2.9% of GDP, in the first half of the fiscal year, largely due to a one-time State Bank of Pakistan (SBP) profit of Rs2.5 trillion. The collection of the petroleum levy stood at Rs550 billion. On the expenditure side, the federal government spent a total of Rs8.2 trillion during the first half, with current expenditures reaching Rs7.7 trillion. This represented a Rs1.5 trillion (22%) increase in total expenditures compared to the same period last year, primarily due to rising interest payments. The federal government paid Rs5.1 trillion in interest costs, an increase of Rs1.1 trillion from the previous year. Defence spending amounted to Rs890 billion, while Rs339 billion was allocated to civil government operations, and pension payments rose to Rs450 billion in the first half of the fiscal year. Additionally, Rs237 billion worth of statistical discrepancies were recorded in federal accounts. The finance ministry attributed this to a decrease in deposits of federal government entities with scheduled banks. After distributing the provincial share, the federal government's net income stood at Rs5.9 trillion for the first half, which was Rs143 billion less than the combined spending on interest and defence.
Express Tribune
07-02-2025
- Sport
- Express Tribune
Action launched against bookies
Police have intensified operations against gambling dens and online betting ahead of the tri-nation series and Champions Trophy, arresting 446 suspects and registering 118 cases. Over Rs2.9 million were recovered from offenders this year. Arrests were made 152 in City, 126 in Cantonment, 18 in Civil Lines, 31 in Saddar, 80 in Iqbal Town, and 39 in Model Town areas. CCPO Bilal Siddique Kamiana said that operations were being ramped up to eliminate both physical and online gambling before the upcoming matches.
