Friday, May 30 2025

Adviser to the finance minister announces ‘no extension’ in budget date amid speculation
Adviser to the Finance Minister Khurram Schehzad on Thursday said that no decision has been made to postpone the federal budget for the fiscal year 2025-26, clarifying that the previously announced date of June 10 remains unchanged. Amid media reports claiming that the budget had once again been rescheduled due to the Eidul Azha holidays, Schehzad wrote on X today that no decision has been made to postpone or reschedule the budget. “As communicated earlier, the upcoming Federal Budget FY26 is on schedule to be announced on June 10, 2025,” he wrote. “Similarly, the upcoming Pakistan Economic Survey FY25 is scheduled to be announced on June 9, 2025.”
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Petrol dealers oppose govt officials’ power to seal pumps
Federal Minister for Petroleum Ali Pervaiz Malik has proposed the inclusion of dealers in a committee to thrash out rules related to the Petroleum Act of 1934. In a meeting with the oil sector stakeholders at the Pakistan State Oil (PSO) head office on Thursday, the minister discussed issues like dealer margins with Abdul Sami Khan, Chairman of the Pakistan Petroleum Dealers Association (PPDA). The PPDA chief complained about “unchecked powers” granted to assistant commissioners and deputy commissioners to inspect and seal petrol pumps. “The decision has brought anxiety to petroleum dealers,” Mr Sami said. The petroleum minister assured the dealers that their concerns would be addressed through “constructive dialogue”.
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Senate panel clears tax amendment bill
The Senate Stan­ding Committee on Finance and Revenue has approved the Income Tax (Second Amendment) Bill 2025 and sought a report from the Federal Board of Revenue (FBR) on tax deduction from teacher salaries. The committee meeting, chaired by Senator Saleem Mandviwalla, focused on the withdrawal of tax exemptions for salaried individuals, particularly teachers, whose salaries faced significant deductions. Mandviwalla directed the Federal Board of Revenue (FBR) to submit a detailed report identifying affected teachers and the status of their refunds, emphasising that failure to return deducted amounts undermines the law’s intent.
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SBP needs $2.5bn to achieve $14bn target
Foreign exchange reserves of the State Bank of Pakistan (SBP) increased by $70 million to $11.516 billion during the week ended on May 23, the central bank announced on Thursday. The SBP needs to generate an additional $2.5bn to reach the revised $14bn target by the end of the current fiscal year. How­ever, the currency experts expressed doubt that the SBP could achieve the goal in the last month of FY25. Pakistan expects to receive $1.4bn in climate funding already approved by the IMF under its Re­­s­ilience and Sustain­ability Facility (RSF) and the financial sector believes that Pakistan has reached a deal with the United Arab Emirates for $1bn. No official figure is available about the required amount of dollars for debt servicing in the last month of the current fiscal year. Bankers believe the country still requires over $5bn.
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Industrial users criticise spike in power tariffs
Industrial power consumers on Thursday criticised the revival of rising fuel costs in an unpredictable manner, despite the government’s commitments to declining electricity rates as a result of much-touted reforms in the sector and tariff renegotiations with power producers. At a public hearing on Rs1.27 per unit additional fuel cost adjustments demanded by distribution companies (Discos), the majority of the interveners also criticised the power companies and the National Electricity Power Regulatory Authority (Nepra) for disclosing insufficient data and opposed a regulatory decision unless full disclosures were made to reach examine detailed datasets. The public hearing was presided over by Nepra Chairman Waseem Mukhtar, along with other members.
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