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Business Recorder
2 days ago
- Politics
- Business Recorder
PTI warns oil reserves may run out in 10-12 days
ISLAMABAD: The opposition leader in National Assembly Omar Ayub on Wednesday issued a stark warning that the country's oil reserves could run dry in just 10 to 12 days, underscoring what he called the government's catastrophic economic collapse and ruthless political manoeuvring. Speaking at a presser flanked by senior Pakistan Tehreek-e-Insaf (PTI) leaders Asad Qaiser, Senator Ali Zafar, Zartaj Gul, and others, Ayub tore into the government's 'flawed and inflation-fuelling' budget – accusing it of squeezing citizens with billions in fresh taxes while bungling the nation's already precarious finances. He further revealed a jaw-dropping admission by the Federal Board of Revenue (FBR) of a multi-billion-rupee miscalculation – a fiscal blunder that threatens to deepen the country's economic abyss. Ayub also alleged the government continues to conspire against PTI lawmakers despite 'stealing' the February 2024 general elections and riding to power on a rigged mandate. 'The installed regime of Shehbaz Sharif remains obsessed with election rigging,' Ayub declared, pointing to the Punjab Police's blatant manipulation during the recent by-elections in Sialkot to favour a government-backed candidate – an act he branded as 'shameful' and a direct assault on democracy. The opposition leader did not hold back on the government's crackdown on dissent either, accusing it of stifling opposition voices and tightening control over the media – highlighted by the censorship of PTI lawmakers' speeches during the budget debate and blackouts of press conferences on critical national issues, especially the faltering economy. In a dramatic revelation, Ayub disclosed that three of his nomination papers were mysteriously rejected ahead of the last year's polls and alleged that election results were tampered with after 2am – a blatant undermining of democratic norms. Asad Qaiser condemned the current administration as 'born out of Form-47 manipulation,' blasting the government's media blackout of opposition members while ruling party officials bask in prime airtime. Senator Ali Zafar added to the chorus, warning that even the Senate Chairman Syed Yousaf Raza Gilani is being sidelined in what he described as a 'serious institutional meltdown.' Meanwhile, PTI launched a scathing attack on the government's targeting of former Prime Minister Imran Khan's family – particularly his wife, Bushra Bibi – while dismissing the recent visits by foreign delegations as mere 'luxury trips' that delivered no tangible benefits to Pakistan. With jail terms dragging on for key PTI figures, including cancer patient Dr Yasmin Rashid, PTI leaders vowed to fight back hard, pledging to win the ongoing battle for 'real independence' as envisioned by the jailed party founding chairman, Imran Khan. In a separate presser, PTI spokesman Sheikh Waqas Akram, alongside MNAs Usman Mela and Mubeen Jutt, raised concerns over Pakistan's widening primary income deficit and escalating national debt. Citing economic reports, Akram said the deficit, currently estimated at $7.1 billion annually, is being driven by increased profit repatriation by foreign companies and declining returns from Pakistani firms abroad. This growing gap, he warned, is intensifying pressure on the country's external accounts. Mubeen Jutt claimed that Pakistan's total debt has surged to Rs76 trillion, up from Rs44 trillion three years ago when PTI was in power. He said that domestic banks now hold Rs51 trillion of this debt, while foreign banks account for Rs25 trillion. According to Jutt, annual interest payments total Rs7.5 trillion to local banks and Rs800 billion to foreign banks. Despite the central bank's policy rate being slashed from 22 per cent to 11 per cent and maintained at that level, domestic debt remains elevated – raising alarm among economists. Usman Mela criticised the recent budget's tax measures, which reduced levies on banks lending to the government but increased taxes on individual loans. 'The average borrower now faces a tax rate of 25%, up from 10%,' he said, calling the policy regressive. He noted domestic debt has nearly doubled from Rs28 trillion prior to the IMF programme to Rs51 trillion. While a three per cent interest rate cut could save Rs1 trillion annually, projected savings remain limited, with Rs7 trillion in interest payments expected this year. 'There appears to be disproportionate benefit to banks, with ordinary citizens effectively paying much higher rates,' Mela said, also questioning official projections of 9% industrial growth, citing a lack of on-ground expansion. Copyright Business Recorder, 2025
India.com
5 days ago
- Politics
- India.com
Israel-Iran war triggers fear in Pakistan due to...; Pakistani MP remembers India's Operation Sindoor, says Islamabad could be...
Pakistan fears it could be next on Israel's 'list'. Israel-Iran war: The raging Israel-Iran war has also triggered panic among other Muslim nations, including Pakistan, fearing that Israel has launched a 'crusade' against the entire Muslim world, and they could be next on the Jewish state's 'hit-list' after Gaza, Lebanon, Syria, Yemen, and more recently Iran. 'Pakistan could be next' A recent statement made by Pakistani MP Asad Qaiser in the country's parliament has gone viral, in which the politician warned that the Pakistan could be next on Israel's list, and military cooperation between India and Israel was the biggest threat to Islamabad. Speaking in the National Assembly of Pakistan– lower house of the country's parliament– Asad Qaiser flagged the threat Islamabad faces due to India-Israel military ties, and also warned that Israel could also attack Pakistan as the country shares a 1200km border with Iran. 'During the recent India-Pakistan conflict, the majority of drones and loitering munitions used by Indian forces were Israeli made,' he said, adding 'Allah have mercy, after Iran, its (Israel's) next target could be Pakistan'. The parliamentarian also urged the Pakistani government to stand with Iran in its war with Israel. 'We are with our Iranian brothers and fully support them at this difficult and dangerous period of time,' he added. Israel-Iran war Israel launched its fiercest attack on Iran, unleashing a wave of pre-dawn air strikes on Iranian cities on Friday, including capital Tehran, under Operation Rising Lion, in which several top Iranian nuclear scientists and military commanders, including IRGC chief Hossein Salami, commander Ghulam-Ali Rashid, nuclear scientist Dr. Mohammad Tehranchi, nuclear scientist Dr. Fereydoon Abbasi and Iran's Armed Forces Chief of Staff Major General Mohammad Bagheri. Tehran vowed to avenge the Israeli attack, stating that its response will be anything beyond what Israel and ally, the United States, could ever imagine, triggering the fears of a full-scale Iran-Israel war. On the intervening night of Friday and Saturday, Iran responded with a barrage of missiles and drones that struck several Israeli cities and major population centers, including Tel Aviv. Israel launched a fresh wave of strikes on Iran on Saturday, killing more of Iran's top military brass and nuclear scientists. Israel also targeted Iran's oil refineries in a series of pre-dawn airstrikes on the intervening night of Saturday and Sunday.
Business Recorder
6 days ago
- Business
- Business Recorder
Lawmakers call for providing relief to masses
ISLAMABAD: Law-makers in the son Saturday delivered a detailed and constructive review of the federal budget for FY2025-26 and called for providing more relief to the common man. While participating in the general discussion on Budget 2025-26, Pakistan Peoples Party (PPP) senior leader Mirza Ikhtiar Baig emphasized the pivotal role of the industry, agriculture and services sector in driving long-term economic stability. Acknowledging the ongoing economic challenges, he said the government's push toward reforms, though modest GDP growth of 2.6% continues to be overshadowed by inflation, population pressure and mounting national debt. He raised concern over pension reforms, particularly the withdrawal of posthumous benefits for pensioners' children after 10 years, warning this could create financial distress for many families. The lawmaker also cautioned against harsh tax enforcement measures, such as granting arrest powers to income tax officers, which he said could dampen business confidence. However, he welcomed incentives in the construction and property sectors, including the reduction in withholding tax on property transactions from 4% to 2.5%, elimination of federal excise duty on commercial property transfers and reduction of stamp duty in Islamabad from 4% to 1%—measures expected to boost real estate activity. He also supported the increased defense budget, recognizing the valor and international standing of Pakistan's armed forces, particularly in light of recent hostilities. Mirza Ikhtiar praised the record-breaking $38 billion in remittances sent by overseas Pakistanis and called for an export-led growth model, especially through sectors like IT and rice. Pakistan Tehreek-e-Insaf (PTI) legislator Asad Qaiser urged the government to revisit its decision to impose new taxes in the erstwhile FATA region, emphasizing the area's sacrifices in the war on terror. Asad Qaiser warned that further burdens could hinder socio-economic rehabilitation. He also highlighted issues of power outages and damage to household appliances in Khyber Pakhtunkhwa due to erratic electricity supply, urging greater PSDP allocations for the province. Asad Qaiser raised alarms about the tobacco sector, noting the lack of a fixed minimum support price, which is driving companies out of KP. He called for urgent government intervention to protect farmers. Senior MQM leader Dr. Farooq Sattar hailed the armed forces for their resilience during recent Pakistan-India tensions, crediting divine help and national unity under Field Marshal General Asim Munir. He appreciated relief measures for salaried classes in the budget but warned that the middle class continues to bear a disproportionate tax burden. Farooq Sattar urged reforms to reduce electricity and gas tariffs and proposed a national economic dialogue to adopt a unified 'Charter of Economy.' He stressed the importance of taxing agricultural income through provincial consensus under Article 177 to improve Pakistan's fiscal credibility with international lenders. Condemning Israeli aggression, he reaffirmed solidarity with Iran amid recent tensions. PPP stalwart Syed Naveed Qamar took a strategic view, asserting that the federal budget must not be limited to a balance sheet but should reflect a coherent economic vision. He stressed that budgetary allocations must align with policy goals rather than serve as mere political optics.
Express Tribune
09-06-2025
- Politics
- Express Tribune
PESCO's power pledge falters on Eid
Promises of uninterrupted power supply in Peshawar during Eidul azha by the Peshawar Electric Supply Company (PESCO) turned out to be empty words, as load shedding persisted across multiple areas of the city throughout the holidays. PESCO had publicly announced via social media that there would be no load shedding for three days during Eid. However, residents experienced prolonged outages in several areas, including Peshawar City, Kohat Road, and rural feeders. The announcement was met with widespread criticism online, with citizens venting their frustration at both PESCO and the federal government. Reports of meat spoiling due to power outages poured in from affected neighborhoods, while emergency response teams remained noticeably absent. Citizens continuously called complaint helplines to no avail. In Gulbela, the power shutdown led to a protest demonstration, with roads blocked for several hours. Contrastingly, electricity supply remained relatively stable in parts of inner city and Cantonment areas. However, load shedding began on the very first afternoon of Eid, much to the dismay of residents. Many pointed out that PESCO had issued an official statement promising uninterrupted power during Eid, a commitment that was clearly violated. In the sweltering summer heat, the frequent outages not only led to the spoilage of sacrificial meat but also disrupted the spirit of hospitality typically associated with Eid gatherings. Despite PESCO's announcement that there would be no load shedding in any of the city's circlesincluding Cantt, City, and Ruralresidents from areas such as Wazir Bagh, Kohat Road, Charsadda Road, Chamkani, and Doraanpur reported prolonged blackouts. These grievances quickly gained traction on social media. Adding fuel to the fire, a letter surfaced from Khyber-Pakhtunkhwa Governor Faisal Karim, instructing PESCO not to carry out load shedding in Dera Ismail Khan during Eid, as he would be spending the holiday in his hometown. The five-day exemption from outages in that area sparked further criticism, particularly from residents in Nowshera, Swabi, and Mardan, who experienced persistent power cuts despite public assurances to the contrary. Many accused authorities of providing VIP treatment to their own constituencies while neglecting the rest. Former National Assembly Speaker Asad Qaiser also chimed in, condemning the 20-hour-long load shedding in Swabi during Eid as an act of political vendetta. In a video message, he accused the federal government and PESCO of deliberately depriving citizens of electricity on a joyous occasion, calling it a grave injustice.
Express Tribune
26-05-2025
- Politics
- Express Tribune
PTI protests 'drone strikes' in tribal dists
PTI protesters take to the streets in Lahore on May 9, 2023. SCREENGRAB The Pakistan Tehreek-e-Insaf (PTI) held a protest in Peshawar against drone strikes in the tribal districts, with participation from government ministers, members of the assembly, and party officials. PTI made it clear that drone attacks in Khyber-Pakhtunkhwa are unacceptable and warned that if they are not stopped, the party will take all necessary steps to halt them. The protest was organized on the instructions of PTI's founding chairman, who had called for demonstrations in the tribal areas. The protest in Peshawar's Hashtnagri area was attended by PTI's provincial president Junaid Akbar, former National Assembly Speaker Asad Qaiser, Peshawar region president Atif Khan, provincial ministers Ihtesham Ali, Abdul Karim Tordher, Meena Khan Afridi, Arif Ahmedzai, Pir Maswar, district president Irfan Saleem, Arbab Sher Ali, Kamran Bangash, Fazal Elahi, Shandana Gulzar, and other party officials. Speakers at the protest condemned the drone strikes, stating that innocent civilians are being targeted. They described the attacks as a violation of human rights and an affront to national sovereignty, and urged the federal government to take immediate notice. They noted that the founding chairman of PTI has consistently opposed drone strikes and raised his voice against them at international forums. Due to PTI's firm stance, no drone strikes occurred during its time in power. The speakers added that the entire nation stands with the founding chairman's position. PTI was the first party to oppose drone strikes and even staged a sit-in to block NATO supply lines. The founding chairman was the only leader who had the courage to say "Absolutely Not" to a superpower, claimed speakers. "If these attacks are not stopped, we will stop them ourselves," the speakers warned. The provincial government has also issued a policy statement declaring that drone strikes will not be accepted within the province. They emphasized that Khyber-Pakhtunkhwa has endured conflict for over 40 years, which has devastated its economy. The province relies heavily on trade with Afghanistan and seeks good relations with its neighbor. The leaders also vowed to continue their struggle against the 26th Constitutional Amendment and said that the nation would once again take to the streets to demand the release of PTI's founding chairman. They criticized Prime Minister Shehbaz Sharif, claiming he only holds a mandate of 16 seats and questioning the legitimacy of his administration, alleging that even the families of some government lawmakers do not acknowledge them as MNAs.
