Latest news with #Ayub
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
Business Recorder
6 days ago
- Business
- Business Recorder
PTI criticises energy policies of govt
ISLAMABAD: The opposition Pakistan Tehreek-e-Insaf (PTI) on Saturday launched a scathing attack on the government, accusing it of enacting 'short-sighted, flawed, and misguided' policies that have crippled the power sector and driven electricity beyond the reach of millions. Speaking at a presser, Opposition Leader in National Assembly Omar Ayub took direct aim at the government's energy and fiscal management, flanked by senior PTI leaders Shibli Faraz, Sheikh Waqas Akram, and Taimur Jhagra. Together, they painted a grim picture: ballooning utility bills, decaying infrastructure, and chronic mismanagement. 'Electricity was far more affordable under our government,' Ayub said. 'Now, its prices have skyrocketed, and even the federal capital is experiencing frequent outages. The infrastructure is outdated, the number of feeders is inadequate, and demand continues to rise.' Citing escalating global oil prices exacerbated by the ongoing Israel-Iran conflict, Ayub warned that the economic fallout could drive Pakistan further toward collapse. ASRE 2025: Economic and energy policies must be aligned: experts Turning to the federal budget, Ayub called it a disaster, criticising the government's approach to energy policy. They can't stand the idea of affordable electricity, he said. 'The projects we initiated for Rs450 billion are now costing Rs2,000 billion – not due to inflation, but because of mismanagement and sheer incompetence.' He condemned the recurring Fuel Price Adjustments (FPA), arguing that they disproportionately burden ordinary citizens. 'Rates shift every three months, and it is always the people who pay,' he lamented. Ayub also accused the government of blocking the broadcast of his budget speech. 'They are afraid of the truth and that's the reason they censored my speech on the finance bill,' he claimed. He warned of a ballooning budget deficit – Rs6,501 billion – and looming threats of oil shortages and surging interest rates. 'This government must be held accountable. There is no alternative but to send them home.' However, Shibli Faraz echoed Ayub's concerns. 'Regional conflict will only drive fuel prices higher, and it is the people who will bear the cost. We have been saddled with corrupt, incompetent rulers.' Despite a reported 80,000 megawatt generation capacity under the PTI government, Faraz argued, power remains unaffordable. 'People want to pay their bills but they simply can't.' He also criticised the government's decision to impose an 18 per cent tax on solar panels, calling it a penalty on those seeking alternatives. 'We had a strategy in 2022 to promote competition. None of it has been implemented.' He pointed to a rising circular debt, inconsistent electricity supply, and outstanding payments to energy firms. 'There has been zero meaningful progress. PML-N and PPP are directly responsibility for this crisis.' Though the current generation capacity stands at 46,000 megawatts, Faraz said, cities remain in darkness, and load-shedding is worse than ever. Taimur Jhagra, an ex-provincial finance minister of PTI, severely criticised the government's limited privatisation effort – targeting only LESCO, FESCO, and IESCO – as insufficient and uneven. 'Millions in ex-FATA remain entirely without electricity,' he said. 'Who will be held accountable?' He said the Khyber-Pakhtunkhwa budget had been presented and citizens would soon see the difference. He also raised questions about the legal basis for the ongoing isolation of PTI patron-in-chief Imran Khan. 'What law allows this? Why is he being punished?' Jhagra said Punjab now endures more than 12 hours of daily load-shedding, while KP swelters under 46°C heat. 'Basic rights are being denied. Agriculture has completely collapsed. Even Bangladesh has gone ahead of us in energy.' Closing the presser, PTI spokesman Sheikh Waqas Akram spotlighted the crisis in rural areas of the country particularly in KP, Balochistan, Sindh, and southern Punjab, where power shortages have become acute. He said privatisation would fall short without fundamental reforms in IESCO and LESCO. Copyright Business Recorder, 2025
Business Recorder
7 days ago
- Business
- Business Recorder
Opposition leader hails 20pc defence budget hike
ISLAMABAD: Opposition Leader Omar Ayub tore into the federal budget for 2025-26 on Friday, calling it a 'disaster' and 'Leila' budget – but gave a full-throated thumbs-up to the 20 per cent defence budget hike (minus military pensions), citing last month's tense showdown with India. Opening the budget debate in the National Assembly, Ayub called the government's fiscal plan a 'Leila budget' – a term he used to suggest it was 'an illusion' – and accused the administration of presenting manipulated figures to mask economic deterioration. Despite his criticism, Ayub endorsed the 20 per cent increase in the defence budget, including the Rs742 billion allocated for military pensions, bringing the total defence outlay to Rs3.292 trillion. He described the hike as 'totally justified' in light of recent border tensions and national security concerns. He dismissed the government's reported 2.7 per cent GDP growth rate as 'fudged', citing figures from the Economic Survey of Pakistan that showed agricultural growth at just 0.6 per cent and industrial growth at -0.5 per cent. He argued that large-scale manufacturing had contracted more sharply than officially acknowledged. He was also sceptical of livestock statistics, mocking a reported increase of 360,000 animals, including a rise of 100,000 donkeys, without a matching surge in mules. 'Where are the mules,' he quipped. The opposition leader questioned the government's claim of a 23.7 per cent growth in the IT sector, suggesting that large industrialists had set up IT firms to exploit tax loopholes, while genuine technology companies were relocating abroad due to what he described as punitive tax measures. Ayub painted a bleak picture of living standards, asserting that the proportion of Pakistanis living below the poverty line had climbed from 35 per cent to 45 per cent, with nearly 30 million people now classified as poor. He said purchasing power had collapsed, noting that someone earning Rs50,000 in 2022 now effectively had the spending capacity of just Rs22,000. Citing official statistics, he said wheat prices had surged by 50 per cent in three years, and 80 per cent of the planning budget remained unused or had lapsed. The opposition leader criticised the government's decision to cut the Public Sector Development Programme (PSDP) budget from Rs1,400 billion to Rs1,100 billion, calling it a sign of weak governance. He also pointed out that Rs8.207 trillion – nearly half of the Rs17.573 trillion budget – was earmarked for interest payments. He said this allocation underscored the government's misplaced priorities and undermined its claims of being pro-people. Ayub accused the government of imposing heavy burdens on consumers, pointing to the hike in the petroleum development levy (PDL), which now stands at Rs100 per litre, compared with Rs20 during former prime minister Imran Khan's tenure. He alleged a sharp rise in oil smuggling from Iran, claiming that around 2.17 billion litres of fuel – worth Rs550 billion – enter Pakistan illegally each year, resulting in an annual loss of Rs173 billion in PDL revenue. He said the chairman of the Federal Board of Revenue (FBR), Rashid Mahmood Langrial, had admitted this issue during a parliamentary committee meeting. While global oil prices were hovering around $64 per barrel, domestic petrol prices had jumped by roughly 70 per cent, from Rs149 to Rs253 per litre, Ayub said. He also raised concerns about a 24 per cent decline in energy consumption, attributing it to prohibitively high electricity tariffs. He condemned new taxes on solar panels and criticised rising capacity payments, which he said had soared by 375 per cent under the current government. The Special Investment Facilitation Council (SIFC), a military-backed initiative aimed at attracting foreign investment, also came under fire. Ayub questioned the competence of its members and called on the government to disclose their educational qualifications to assess their suitability. While acknowledging marginal progress in export performance, Ayub concluded by urging a revision of the National Finance Commission (NFC) Award to ensure a more equitable distribution of resources among Pakistan's provinces. Taking part in the debate, Raja Pervaiz Ashraf of the Pakistan People's Party (PPP) acknowledged that the current administration had made politically unpopular decisions in an effort to stabilise the economy. 'These actions must be recognised,' he said, drawing a parallel to Pakistan's historical resilience. 'If we can win a war in four days, we can also fix our fragile economy – if we stand united.' Ashraf defended the budget as appropriate given the prevailing economic conditions and praised Prime Minister Shehbaz Sharif for what he described as courageous leadership. 'The prime minister has sacrificed his political capital for the sake of the country,' he said, adding that borrowing from international institutions is a necessity for all governments, regardless of party affiliation. The Minister for Parliamentary Affairs, Tariq Fazal Chaudhary, echoed the emphasis on economic reform, stating that the government is prioritising the creation of a favourable investment climate. 'We are implementing reforms across sectors to place the country on the path to sustainable development,' he added. He said that the budget includes specific measures aimed at the development of Balochistan and assured the house that constructive suggestions from both government and opposition members would be considered. Several parliamentarians, including Syed Hafeezuddin, Samina Khalid, Jamshed Dasti, Sheikh Aftab Ahmad, Syed Waseem Hussain, Yousaf Khan and Shahida Rehmani, took part in the ongoing budget debate. While government allies praised the administration's management of a fragile economy amid political uncertainty, opposition members accused Prime Minister Sharif's government of following International Monetary Fund (IMF) directives at the expense of the poor, criticising what they described as the continuation of a 'Form 47-installed regime'. Copyright Business Recorder, 2025
Business Recorder
11-06-2025
- Business
- Business Recorder
PTI rejects ‘IMF-dictated' federal budget
ISLAMABAD: The main opposition Pakistan Tehreek-e-Insaf (PTI) rejected the federal budget for 2025-26 on Tuesday, alleging that it was dictated by the International Monetary Fund (IMF) and unfairly favours the rich. Speaking a presser, the Opposition Leader in National Assembly Omar Ayub, PTI Secretary General Salman Akram Raja, and other senior party leaders rejected the government's claim of providing relief to the salaried class, branding it a 'cruel joke', insisting that no actual relief was forthcoming. Raja called the budget an outright joke that slams the salaried class with yet another burden. He singled out the reduction in stamp duty for plot sales in Islamabad – slashed from four per cent to just one per cent – predicting this move would not spur affordability but would instead fuel further, unjustified price hikes for federal capital real estate. Ayub denounced the budget as a 'Leila' budget – a phantom, an illusion with no substance – and directly challenging the projected budget deficit's credibility. He pointed a sharp finger at the soaring petroleum development levy (PDL), noting its alarming jump under the current administration, rising to Rs100 per litre from Rs20 during the tenure of ex-prime minister Imran Khan. Dismissing the official GDP growth rate of 2.7 percent as fudged, Ayub said there was decline in all sectors, particularly agriculture and others. He argued this figure was mathematically impossible, given the recently released Economic Survey's own admission of a mere 0.6 per cent growth in agriculture. He questioned other statistical claims, including a reported increase of 360,000 in livestock numbers. Ayub contested the reported industrial growth rate of -0.5 per cent, insisting that large-scale manufacturing had, in fact, contracted. The PTI leaders further cited Pakistan Bureau of Statistics (PBS) data, painting a stark picture of sharp, painful rises in the prices of essential food items. Ayub highlighted a stark disconnect between international and local fuel prices, noting while international oil prices hovered around $64 per barrel, local petrol had surged by a staggering 70 per cent – jumping from Rs149 during the Imran Khan government to Rs253 per litre when PM Sharif is in power. He warned that these inflated prices would inevitably fuel a surge in oil smuggling from Iran. Ayub alleged a massive Rs550 billion worth of oil, equivalent to 2.17 billion litres, was being smuggled from Iran, resulting in a crippling loss of Rs173 billion in PDL revenue that the government was failing to collect. He claimed the chairman of the Federal Board of Revenue (FBR) had implicitly agreed with this assessment during a standing committee meeting, stating he 'fully agreed' when Ayub raised the issue of Iranian oil smuggling and its impact on PDL revenue loss. The opposition leader did not stop there, also charging that the then caretaker Chief Minister of Punjab, Mohsin Naqvi, now Interior Minister, had deliberately undermined local farmers by choosing to import wheat from Ukraine instead of ensuring fair prices for Punjab's own produce. Copyright Business Recorder, 2025
Express Tribune
05-06-2025
- Politics
- Express Tribune
PM writes to opp to confer on new CEC
After months of dead air and no movement on key electoral appointments, Prime Minister Shehbaz Sharif on Wednesday extended an olive branch to National Assembly Opposition Leader Omar Ayub, inviting him for consultations on the appointment of a new Chief Election Commissioner (CEC). In a letter, the premier stated that the term of the CEC, as well as that of two other members of the ECP, ended on January 26. However, all three have continued their duties under Article 215 of the Constitution. He stated that, according to Article 218, proposals for the CEC and its members must be submitted to the parliamentary committee. The letter comes as the constitutional logjam has been festering since January, as the five-year terms of CEC Sikandar Sultan Raja, Sindh Member Nisar Durrani and Balochistan Member Shah Muhammad Jatoi ended on January 26. The process, laid out clearly in Article 213, requires a consensus between the prime minister and the opposition leader. In the event of no agreement, both sides are supposed to send separate lists of three names to a 12-member bipartisan committee, which would then pick one and send it to the president for formal appointment. However, the process has been gathering dust. Though the seats of the CEC and two members expired in January, the government allowed the 45-day constitutional deadline for new appointments, which lapsed on March 12, to come and go without resolution. The impasse now rests at the feet of both the treasury and opposition, with neither side making serious contact until the PM's letter. On the other hand, the Pakistan Tehreek-e-Insaf (PTI) has already taken the government to court in March. A petition filed in the Islamabad High Court by Ayub and Senate Opposition Leader Shibli Faraz lambasts the inaction as a constitutional violation. It names the federal government, Senate chairman, National Assembly speaker and the ECP as respondents. The petition urges the court to compel the National Assembly speaker to constitute the required parliamentary committee and calls on the Senate chairman to provide names of senators for the same. It further asks the court to order the prime minister to hold meaningful consultations with Ayub, as required under Article 213, and to declare the continued presence of the CEC and two expired members as illegal. Constitutional experts point to the 26th Amendment, which altered Article 215(4) to allow officeholders to continue "till successors are appointed". Both opposition and observers allege the amendment is a legislative patch over executive indecision, especially when key posts meant to guarantee fair elections remain in limbo. Of the four members of the ECP, only the Punjab and Khyber Pakhtunkhwa representatives - Babar Hassan Bharwana and Justice (retd) Ikramullah Khan - still have valid tenures, both stretching till mid-2027. It is worth noting that CEC Sikandar Sultan Raja's tenure has been full of political minefields. Opposition parties, particularly the PTI, have accused him of everything from election mismanagement to open partisanship. He has been criticised for failing to ensure timely general elections and for stripping the PTI of its iconic 'bat' symbol ahead of the 2024 polls. The ECP has also come under fire for failing to implement the Supreme Court's verdict on reserved seats and for not holding Senate elections in Khyber Pakhtunkhwa, a delay denounced by critics as undermining federal parliamentary integrity.
