Pakistan's 2026-27 budget faces critical challenges including high debt servicing costs (reaching 110% of net federal revenue), regressive tax structures where indirect taxes dominate (88-90% of revenue) while direct taxes remain minimal, and declining agricultural investment threatening food security. The economy shows mixed signals with growth at 3.7% but data quality issues, while poverty and inequality have increased despite economic activity. Key reform priorities include tax system restructuring to ensure equity, reducing debt dependency, strengthening social protection programs through better coordination, and transitioning from a security-focused state to a development-oriented state that prioritizes per capita income growth and poverty reduction.
Pre-Budget Seminar: Federal Budget 2026-27Añadido:
And for that I tell the guests Thank you for coming to us And we will talk in this context. In the guest Our session is hosted by [music] Acting Chairman IPS Ambassador Syed Abar Hussain Sahib. This session is being chaired by Dr. Ahmed Zubair Sahib, former Chief Is an economist. Professor Dr. Shazad Farooq Sahib is the Dean Research from PIIT.
The doctor is Shahid Naeem Sahib. with us He is a consultant from the Planning Commission. Sorry Ministry of Poverty Alleviation Is a consultant. Dr Zafar Hasan Almaz Sahib IPS is also a Senior Associate. Formally Formally, it is with the Planning Commission.
Are attached. Mehtab Haider Sahib Maroof Journalists are above economic analysis And Kanad Khalil Sahib who is a Chartered Accountant He is also an economist. with us are present. Thank you all of you for coming Here and Discussing About the Budget Issues and Economic Issues of the Pakistan.
Pakistan faces economic hardship every May Last May, when we referred to the pre-budget When we were sitting there, then another issue was Pakistan.
India was referring to the war due to which The budget had assumed greater importance.
And even now when the government is about to present its third budget If it is going then another geopolitical issue which is in reference to Iran, also in reference to that Pakistan's economy is greatly affected They are falling, they have already started falling.
So in this context, this geopolitical There are economic issues due to which Problems Pakistan must face have to be done and the budget that is there in it It becomes more important and There are also some chronic issues that development and food security and energy related to and especially revenue The issues cited by Broadening are Chronic issues have taken over. became are the ones on which discussions have always been going on.
It is there and it still is there even today, Inshallah We will talk about it above. So all these situations The economic condition of Pakistan within How important is the budget for improving the environment?
This is the main objective of today's discussion.
Is. So for this, first of all I open Ambassador Ibrar Hussain for Remarks I would request sir to keep the session open.
Do the same with your opening remarks.
Bismillah Rahman Rahim.
First of all, it is my pleasant duty to Let me flatter you all here. Our I am happy that Dr. Ahmed Zubair Sahib is here today.
Are present here. who chairs this session and apart from that there are also There are big experts present. whose Dr. Asim Ehsan just mentioned it. I I greet you all and except you The Shora's who are physically present with us Or he is online and he flatters them all too.
Am.
As Asim Sahib said in his initial words I mentioned that as always, this year too We are conducting this pre-budget seminar.
It has been the tradition of IPS that from every budget first [nasal sound] a pre A budget seminar is held in which the upcoming budget is discussed.
Estimates are made about. their The review is taken. review of those conditions are taken in which the budget is to be presented and has been so in Pakistan for many years It is happening that the budget that comes is a It is a difficult budget in which there is no provision for the people.
The difficulties that exist become worse.
This time too Abanaye Huram due to America Iran war Due to its closure, there was a problem in the supply of oil.
The difficulties in getting gas There are difficulties, because of them there is an energy We are already victims of the crisis. of electricity The blame for load shedding can also be put on him.
And petrol which is getting costlier day by day And not just petrol itself is getting more expensive Rather, due to this there is a risk of inflation.
A storm comes. things that have petrol It has nothing to do with it and that too is expensive.
It happens. Not because it has The product has consumed petrol or It happened in transportation. rather because that when overall inflation is high then every [nasal sound] near the man A soldier arrives. a young man is born It is likely that he would have further spread that inflation.
Let's go. And unfortunately, when petrol It will also become cheaper. If this petrol is returned Even if it goes to 200, the inflation will increase further.
She has already left and there is no sign of her coming back.
The reason for this is that this custom is prevalent in our country.
It is not a tradition that something which is expensive once Let it be back [nasal sound] may also come. Now The pistachio that is most prevalent in this There is a salaried class. of inflation There is a ratio which is a percentage, according to that sometimes There is no increase in salaries either. Who He is a businessman and he is just passing on the same inflation.
puts it on his customer. That is, he who Taxes have to be paid and that too is passed on to the customer.
Gives. The more things have become expensive, the more Puts it forward. But the salaried class There are two issues. One, he doesn't have a salary.
increasing and secondly, this is the only section from which Full tax is levied. That means Pakistan the highest tax payer in The regular tax payer class It is the salaried class. So he also pays taxes.
and his salary has increased in proportion to inflation.
There is no increase either.
[nasal sound] Anyway, I Because I am not an expert in this field and There are many great experts in front of me right now.
I am sitting. So I keep my conversation to In short, I would request all of you By taking this matter forward, you Express the saw. Thank you very much.
Thank you very much sir.
[sound of clearing throat] Ah, I am starting the discussion properly.
Whatever it is, it is from Zafar ul Hasan Maaz Sahib I request that he read the Economic Overview And I shared these issues with everyone.
Let us give an overview of those who visited.
Yes, thank you Asim, should I put that or put it like that do this verbally No sir, I am applying well well what it really is like Ambassador Sahib and Asim both Mentioned that this time is a big challenge Situation There is Pakistan. Well, a joke anyway It is said that Pakistan has always been a fragile state.
Keeps passing through the bend. that delicate turn again I have come to Pakistan once. In this Some opportunities may also open up.
Are. Something from this one right policy now again The impact of the policies of the government now They have started coming. Now the budget because most A major policy making Any government has an exercise The entire economic policy Through the budget, which sectors should be promoted Whom do we have to take down, so in this we What it is is that this is the biggest one, so this What is pleasing is that growth is moving towards 4%.
Economic growth appeared to be increasing Because economic growth is where Looking at the economy from there Let's draw the whole drawing and decide whether the budget will be made on this.
That policy right now is a baseline that This is an environment for growth. Growth has Employment has to be created. Growth has Poverty has to be reduced. So the burden on growth If so, growth data is important.
Because everyone will talk about the budget, so I I will start with growth.
[sound of clearing throat] So they will put spilling in it.
Which is the current economic growth last year Some because there has been a lot of growth in the last four years.
It was a bad trip in 2023.
And the one year during Covid Manafi was then after So Manaphi was so what is from that is that a Obviously yes, this green one is ours So This economic growth is one of them The happy aspect is that let's move towards economic growth.
A revival is visible at 3.7% Yes, okay, let's do the next one.
In this You see the growth in 2003 when From negative to now slowly moving upwards Recovery mode is visible for the last two years That's slowly 2.6 then 3.2 and 3.7 Now this means there could be data issues as well.
Are. But there are issues with the quality of growth.
can we see that growth is coming, so will it Will it create employment? Is that his Distribution Mechanism Poverty Eliminated help in doing or reducing Will he? So this growth is important.
Click next.
Now if you look at where this growth is coming from Is? Which sectors is it coming from? Some sectors Which affect the poor. something which Those are the sectors of the rich. In this Well, you should look at the history of Pakistan.
That the services man has been a driver. to growth This red bar is always visible to you.
So this has always been the driver of growth.
Is. And the problem we have is this that the remaining sectors like large scale Manufacturing: where growth comes from You need manufacturing there.
You will see that the contribution is very little.
gives and you see this and then after that I ah if you come then apart from that Investment is agriculture.
It has been badly beaten for the last 2 years.
Is.
This downfall has been seen in the last two years since 2024.
Has been. So service sector mainly it I have taken up the challenge. And the rest like this time Construction sector or a little bit into it.
Go to the next slide and see what happens now.
If we look at it in two ways Let us look at the GDP to see which sectors are driving growth.
contributed and then the demand side From where the demand has originated On Demand if you watch and last time Whatever is there this year, it is absolutely unique.
It is completely different from previous years and has Serious data issues that scream out loud that they mean that they are big And that's what I'm going to do next on the investment slide.
I'll show you what investing looks like.
as if forcing investment One particular level has been shown, at that our Traditional growth comes from consumption.
Is. Consumption driven growth and in the last year You see that there has been growth in imports.
You can see that the cars are worth $3 billion.
We have imported the vehicles. Mobile Check the phone. So consumption which is consumable Their import is huge which shows The consumption is huge. But here It appears that consumption is from Pakistan.
The lowest level of history has come to the surface that I am very His share contribution has come less. So this A big contradiction appears. So The investment share is as it is now Foreign investment is minus 50% More so far. So now right when this minus Despite being in a completely invested It appears that there is no investment boom has come and you see that in the last few Investment contribution over the years It has been down. But just in the last two years Its major contribution is visible Is. The consumption share is decreasing. And here The share of pay investment is increasing. And The second is that this time the balance of payments One of the looks is that it's a ah net Exports helped very positively In growth. So, export When your minus someone is close to 7%. So, that Time is showing you that this net Exports have made a big contribution.
So, this is also a little contradictory which data Appears in the Aha of. Do next.
Now look at that when it comes to investment Look at the data and these four years if you See those shaded above.
The growth of agriculture is increasing rapidly If it was, then it was exactly with the market It is consistent that for the last two years, the farmer It is badly destroyed, so look there It is being said that the investment has also been reduced a lot.
Has been. This will actually help in improving the food of the future.
Inflation also shows that the future This food inflation will be very high in Us. At this time, if food inflation has increased compared to the previous Saved us for two-three years Is. Last year inflation was close to zero And what you could also see was the tomato Be it onion or any other edible food item Inflation was severely affected and wheat Inflation was very negative. So if all these Factor in food inflation, then that The drive for investment is waning and This is a very alarming situation if Now this investment has been made in agriculture for two years.
If it is decreasing a lot then it means that That in the future we will have big problems with food.
Security issues may arise. In this What is most amazing is the construction and Wholesale trade, which has been going on for the last three years Like wildly, now this too is different from the market.
Firstly, on one side there is construction which There is a proper Prime Minister for that.
We are going to give a package to revive it.
To the sector for. But you invest If you see 43 these 43% out of 24 Investment is increasing. Then you see if Investment is increasing by 55%. Then its Later the investment is increasing by 60%. So Investment will double in three years.
Whatever is more, no more than one and a half times It has happened. This means investment If the size becomes 25 in 10 years then This means that in construction, someone There is no scope in this and I am keeping this private I am talking about investment. In this Government investment is not included.
That is, through PSDP and so on. Then wholesale Has this happened in retail trade as well?
of an investment in the last three years There has been a boom which is visible here. Whereas The market is not looking like that Sentiments or anything like that are not visible.
I am coming. So this means some data Issues are visible. Then this second one Allied sector is the real The state real sector, which is traditionally our A lot of investment has been coming.
Investment here in the last two years Meaning it has been suppressed. Then the small scale Manufacturing is there for two years 25-25% of what is there is growing.
Investment. While the large scale Not doing it in manufacturing. Large Manufacturing Feeding Ground in Scale It happens. But it is not growing here.
So this means this big one somewhere There is inconsistency in this data. the reason for that Then the burden when we are from the domestic side Calculating GDP from the Demand Side If so, it appears there that this All the burden that we have is consumption etc. Put a burden on all the investments. So She is a big It is that there are big serious issues of data in it.
The investment that has always been based on a survey through which PBS takes an issue so It has always been there, but now it is not visible.
It has been visible for the last two years.
Next So this is just one thing that the budget of Pakistan When we come to the making of this ground To tell that the sectoral growth related The different thing about Pakistan's planning It is given that you are on a tight rope You're walking and you're looking far away The danger that you face below is a circle that will protect you from danger.
Can't see it. So this is a planning which One is about budget making. Pakistan at this time In this we have a regional challenge Here's how we meet its challenges.
We do? How will we be able to save growth? Then One, now this double digit inflation It has been filed and it will be released in the next 2 months.
It's going to be close to 15%. So its Meaning next year when this is being discussed in budget making There will be a wave of inflation and this is what it contains That there is increasing pressure on the budget. When Now the policy rate will increase by 1% because of inflation If it increases by 1%, then State Bank will increase it by 1%.
Will give policy rate. When the policy rate increases Then after that there's a um a spiral In which it is said that he has started the peace reaction will start and because of that again What is its physical cost in the budget?
That when you get 1%, it's 9.7 trillion.
You have a loan standing. when his If you go for servicing then it costs Rs 200.
There is a burden of more than billions. So if 23% we will anticipate in the next two-three 5,600 billion if the policy rate increases in a month You will need additional day servicing.
So this is a burden that and then this Tax reforms now with salaried clauses etc. How much will you take? How much will you take from consumption? They It has reached the exact saturation point.
So this means that there will be a big increase in taxes.
I don't see any scope anywhere. expenditure If we go into cuts, then expenditure Investment and sorry this markup payment or interest payments and when the current of the defense Some 87% of your expenditure would have gone If yes, then how much of the remaining 13% do you have?
If we make adjustments then it will be a big room.
Seeing what is in it, let us see then This is a balance of payments crisis.
It is coming. The data for April has just arrived.
So 300 for the last two months because of the current And the surplus was $300 billion.
There is a deficit and now this is in May-June When the figures come, it will be deeper.
This crisis will also end in the next year.
It will be deeper. So the balance of payments How do you address the crisis?
What is the incentive structure for exports?
Do you make it? This will also have to be seen in this budget.
Well, I think the rest of my time Finished, thank you very much.
Thank you very much Sir for giving the overview. These Hopefully this whole thing will develop that base.
For further discussion. So now I'm a doctor I would request Shahid Naeem sahab that he Explain your view point in this context.
Bismillah Rahman Rahim.
We know that the budget is very Wide is a very big horizon. complete Affects the economy and every sector of it Is. I'm going to focus on a few things and Simple things that we all know.
Just their link.
A few months ago, the Planning Commission had A report on poverty has revealed that Poverty in Pakistan has increased by 6.7 percent.
It has happened. Along with this, inequality also increased It has happened. And Zafar Hasan Sahib is telling that This is the period in which we see low growth or no growth.
Were going through growth. So this science What is? How is this link formed that on one side There is no growth.
Poverty is increasing and inequality is increasing.
Increase means that the rich are getting richer.
Yes, he is crying. The poor man is crying in despair.
So this means that those who are in low growth There is some growth impact coming.
Its direction is towards the rich. and this How does it happen? This budget is that machine, that mechanism that takes from the poor through indirect taxes and leads to where there are exceptions where there is alt There is capture. So if you keep this mechanism in mind If we keep it in mind then we can assess any budget.
Very easy to understand It will be known that if any Government indirectly Direct taxes are reducing taxes The share of in total revenue is increasing If it is there then it is proper. otherwise Whoever is maintaining the status, he is doing this Will continue the existing cycle.
This is especially important because We know that in Pakistan approximately 80% Employment in our informal sector Is. And in the informal sector, the majority are Who are working on minimum wages. i.e Where the salaried class is discussed Even inside, those with minimum wages are even more than that.
There are a large number of them. and those on minimum wages There are those people who whenever there is a slight increase in the price The adjustment happens first, Brunt It feels like going over them. So if you give them Not protecting. Well then another one A very important thing to understand Is. That is, the budget that existed a few years ago.
All the price settings in it are within the budget.
It used to happen. Ever since oil prices, electricity Price, Sugar Price Chand's Prices Since dealing with the budget, the authorities By making it, they have been given authority. Any after a week, after a month, after 15 Day after day, we are in fact budget budget What we are talking about is very small.
Talking about the thing. the major part which Through inflation, our economy shrinks every week.
It is being affected by the budget. poor man Every week I would be affected by the mini budget.
Is.
Another important point which I present to you What I want to keep is that our On which some governments have many claims.
We also do that our huge program And we showcase it all over the world.
Are. Our social protection system There are huge flosses inside it. About If you are a federal and provincial public and If you add private then one trillion Our social protection is more important than the Enum.
There is a budget. And this one trillion rupees is Mukhtalif means [nasal sound] 506 There is a division into programs. in that even though The biggest program is Bisp but Bisp has no connection with all other programs There is no connection. We will give you today's date It may be recalled that in 2015, the Punjab Government Punjab Social Protection Authority was formed.
The basic objective of which was that Punjab Inside Federal and Provincial Social We align protection programs.
Connect them. their data in one place Bring it so we can see where Duplication is taking place. Where is the exclusion?
error, where are inclusion errors. Till today PSP in which the former Prime Minister Sir has also been the chairperson for many years.
The PSPA has not worked for Punjab till date.
and he got his social protection Started the work of creating the registry. So Which until we resolve such technical issues Using technology to increase efficiency We do not improve leakages, i.e. I am continuing it. While in these circumstances While we have to utilize our very limited resources It should be used with great caution. We This luxury cannot be afforded.
I will stop my conversation here. One A very important reference to IPP There is something on top of which, that is, whatever I am below This is the line I use at the end of my conversation.
I would say look government Influential is very closely connected with people. And the cartel that was formed of all these What has happened is that he does not want the status to Be bad. The poor man should work hard. that tax Contribute through and make the rich man Got extension. He won't change it Want. What will pressure them?
There is only and only political power. Until The people will not come out, they will not unite, All parties are in agreement with each other and not a proper policy Will make it. It is not possible that bureaucracy or political, any political The way the party budget making is going Transform it and give our examples In front of us is a round quoting IPP The government has taken a very strong stance It was like this is not negotiable at all.
Don't even talk about it and then that A protest of a few days is very limited.
level and resulted in negotiations Even if it happens, you should think that if it is bigger than this Be it a sit-in or bigger political pressure If this is done, many things will change.
Can be done. policies should be changed Can. The very important thing is that The people who are most affected by this, To free him from his daily problems You have to look at the broader picture and Getting out to solve problems will be. Jazakallah.
Sir, thank you very much sir.
I meet Professor Dr. Sujat Farooq Sahib I would request that he refer to this budget What better way to deal with the upcoming budget?
things can be brought in so that economic Issues should be improved.
Thank you sir, thank you very much for the invite.
First of all, if we look at the budget Budget is an opportunity. Economic There is an opportunity. The public is watching.
But in Pakistan, when we were economic Looking at the situation, it seems that the budget is a Perhaps a salary for government employees The increase has remained there. because if If you look first at our budget, it The economy has to run. within the economy Similarly, Zafar Sahib told that our The share of the industry is shrinking Is. Probably the highest was in 1999. Someone pays 19% It's gone and after that it's been decreasing.
So this means that every budget we We say that he is very friendly. Business Will promote the environment. So Unfortunately, if we are both business owners Look at the parts whether it is competitive And whether it's sludge or regulations, we Both are getting beaten. so that's why Our businesses are declining. You are the energy Check out the prices. You can see the rest Then you will get a challenge. I from this I will start by first looking at the budget This is your annual planning. Annual Your planning begins. behind him You have a vision and from the vision you There are five year plans. So what about Zafar Sahib?
are also sitting there wondering if we ever critically observed that our five-year How robust is the planning? how much did he Have you given us the desired results? So at this time So five year planning is behind. Annual Our planning is ahead. Ok? Annual In planning, we decide that we How much development budget should be kept, how much will it cost Have to do it. And we never gave up on our plans.
Not critically reviewed. We have had many made visions and plans, but unfortunately, they You don't see their impact. seconds that thing is that we have never seen the provincial budget I did not discuss which is your major right now.
Is a component. Federal Your Pingdom One trillion will be provincial koi more than 3 It is trillion. So the question arises that Do our states have an economic vision?
What Shahid Naeem Sahib is saying is that the Like health, there is social protection, There is poverty, there is education. All of this is yours It is a provincial subject. so we have Are federal and provincial governments aligned?
That we have to do this uplifting. The budget has Taking forward the same planning, the same visions Have to translate. So you look at the country 40% of children are stunted. So This means that this 40% of tomorrow's population Your productivity has its challenges.
He has cognitive mobility. His There is education and its overall work The ability is being compromised. 26% The latest data of high that has just come is saying that children are out of school between five and 16 If it is for a year then it means that from these five 26% is the population of tomorrow, this is a potential It is your poverty. Ok? Because their Perhaps he has some economic opportunity It will not be at that level that it can do it.
So, I think we should consider the budget start one maybe the one thing missing One is your economic vision. Our 160 There are districts. We are from 150 districts Not able to export even a single needle. There There is nothing on it. Ok? So now we say Yes, there will be growth and export. When Until we localize things, our Will not map local resources.
We do have a provincial economy.
She is not doing that at this time.
How much is the economy that the states are doing with each other?
Compete. So you see how we It is a good thing that many universities are being built.
Have been. There are 270 universities at present.
Have gone. They also have about 550 sub campuses.
Some 3 million children are in universities It is enrolled. So the question arises that Which is the budget for higher education, the budget of the states Is this budget good for your local economy?
Contributing inside? Because The name of the university is RAD. So that R&D is not being done by our acist. So when Till he is not even RAD, we may be the one whom They say that by focusing on a few cities We will be able to take exports. You see Vietnam In 2001, it was at 14 billion and crossed 400.
I did it. Bangladesh was half the pay of us. Five From billion it reached 60-70 and we are still Struggling with 30 billion. And These remittances that are coming in also Someone senior in our ministry There is no contribution. These are the people themselves The poor fellow has gone out there working hard and We are bringing money from there which will save us.
Have been. So I have a proper vision That is as long as you are in agreement with your planning.
Federal Provinces with your vertical provinces down with local government until Perhaps we will not be integrated at this time.
There are serious challenges where our If you look at the population, there is also health poverty.
She is facing. They also face energy poverty.
Still working. And the government has it He doesn't have the capacity to make a billion dollars.
It can also absorb the shock itself. Ok?
Many countries have just raised prices It has not been translated but we have further edited it.
It has been translated. And maybe our second The target is unfortunately in the economy Growth anywhere, the way Zafar Sahab has done Told that is not growth targeting. They There is revenue targeting. Ok? Every year we revenue Taxes are being imposed. And you see I read was doing a study probably in Hong Kong There are only three taxes. Our 47 taxes Are. Our businessman is 60% to 70% Is paying taxes. So how does he do business?
Will it grow? When you, that is, Joj, you are a business It will grow, you just pay 60-70% tax.
If so, you will never do that. this that things that we probably need to do when the economy If we are heading towards recession then we will pay taxes.
Give rebates. So we have seen you so far No, we did not give that rebate in taxes.
Is. The expenditure side comes second. See There are two things. One is yours that there is revenue.
We are increasing revenue. to expenditure We are not controlling. 18th Amendment It comes. then the size of the federal government It hasn't reduced even today. We do the same thing 43 44 Running with Administrative Ministries Have been. Hum Stay Tone Enterprises Ye Do four if you look at things we have no Two 3000 billion so this social security State Ton Enterprises Subsidies Names are just spending on it. Is it okay?
Yes? And the federal government ultimately That everything is running on credit. Whether it's federal The government has defense, pensions, He has running expenses. He is almost We are borrowing 6.5 to 7 trillion rupees.
And the government is running with that. Thank you Yes.
Sir. Thank you very much sir. Taxes in the price There is also a salaried class which is 40 to 45% Gives. Only businessmen do not pay 60% are. We are also giving a lot. so very Thank you sir. I am Mehtab Haider Sahib.
I would request him to also share his comments Please present.
Yes Bismillah Rahman Rahim. Thank you very much Much G. The first point you raised I want to clarify that only.
The salaried class has earned around Rs 630 billion in 2023-24.
The money was deposited and their Contribution was highest under section 149 Pakistan's biggest problem and Especially in the last four to five years, What is persistent is that we have stock inflation.
are inside. Stock inflation means that There is low growth. There is higher inflation and You saw that inflation was up to 38%.
Has gone.
Well, I criticize the IMF more.
It does not, but it is what the current IMF The design of the program is this absolutely one shoe Fits for all is as per the key. you in it See if you can find out within this program.
Let us say that if there is talk of growth then there will be talk of growth That's not the point at all. He stabilized Have to do it. Strangulate instead of Stabilize The economy has to do it. to sophisticate and As a result, stabilization has to be done.
The problem is that this stabilization It's been a long time, it seems to be prolonging Is. There are some international reasons in it Look, we have stabilized the economy.
But at what cost? The cost is that Your daily burden is increasing. And Ultimately you should see that there are taxes in this From where the conversation started. if you Direct taxes and indirect taxes If we look at it, the government says that 62% Those are our indirect taxes.
And about 38% is direct taxes.
Is. But he will pay withholding taxes.
These are called direct taxes. of Pakistan Withholding taxes are completely direct There are no taxes. in Pakistan at this time The indirect taxes are 88 to 90% And only 10% is direct There are taxes. The issue is that this country The rich don't want to pay taxes. And that tax Now what is this problem? Elite Capture I Just because of this it is called elite capture.
I mean, here indirect taxes are GST.
Is a regressive tax or withholding Taxes and regressive taxes. he takes you And you are above the rich people's lavish floors Spend. For example, tell me about Austerity Is. What austerity is this that 70 Billions of Parliamentarians There were last year too. You will see it next year as well Will be. And who are they for? That 25 crore Every MNA who sits on the treasury benches This has happened to bribe him. Because The 28th amendment has to be approved. When the 28th If you want to get the amendment approved, you have to pay ₹2 crore.
Have to keep it there.
This is such a good ground, even the IMF is not there on it.
Will speak. IMF on agricultural income tax Doesn't even speak. Do you know agriculture?
He got the income tax legislation done.
But he has no target. Tajar Do The target of the scheme is. agricultural income There is no tax target. And then I Let me tell you that retailers are not taxed.
could as long as the Pakistan Muslim League Nawaz It is the government. And no agricultural income tax.
It may seem so long as the People's Party rules Is. Yes, there is a difference. This time it is a stick. So If the stick is for the benefit of this country be used for and convince them should be taken. Somehow someone's voice reached them may it reach So agricultural income tax can also be levied.
And retailers may also be taxed.
But what are they doing? Teach them this I am thinking of changing the NFC.
Why change to NFC? so that whatever Provenance has a habit of taking easy money Easy money to the federal government instead.
Get into the habit of taking it. any purpose other than Not there. Because I am a supporter of NFC.
Am. The basic reason for this is that when NFC When the design was done, two things were decided inside it.
It was decided that the tax to GDP ratio should be increased to 10.
I have to take it at 15%. But Pakistan Let's look into the history. These are 8 to 10% and this 10% of my life It will remain so. He doesn't want to go beyond this.
Well, what was decided with him? with him It was decided that the state would have PFCs do. You tell me provincial Finance Commission and local government There is some talk about whether what they to local and district governments They have to pay the local government The Missing Link. And where the local government There is no democracy there It would have been. That is why it should give 70 billion to MNA.
Have been. Which is not audited at all.
His schemes are not known. Now!
The guidelines have been revised again.
They. A cabinet division now has one The circular has come. I'm just comparing it I am thinking about what happened in the past and what is happening in this There is a difference. But there is no difference. actual There is no difference. Because on the ground Which is PSDP 50% commission in PSDP Goes to Surat. at least probably from Be more. These are leakages in Pakistan.
The fear of Allah is something that is Does not exist at all. And two good things I t is one informal economy. as much as you I think we kept talking about this budget.
The most important thing is that How the informal economy was documented How to promote investment Go. Because if someone in Pakistan IMF believes that America will help With the help of and with the help of the World Bank When will anything change in the country?
There will be no change. domestic of this country Investors will not invest until and not give them an enabling environment Nothing can be right. anyone from outside He will not come and fix this country. if anyone He thinks about General Sahib's relations these days Much better than Mr. Donald Trump And we all understand that converting this Opportunity can be reduced to no Can be done as long as local investment is okay Nothing will be alright and most Important thing to note at the end until we Unless you tell yourself the truth, things will change.
This data manipulation will not be okay.
Fuzzing is about doing it the way you want and Especially economists are the ones who do this the most Let's work. That side table sitting and talking We do. side table and sit and talk Are. Most importantly, these data in terms of interpretation and data Repentance from what we have already done Do it and run this country on the right path.
Try it. Thank you very much.
Sir, thank you very much to all of you.
A slightly different viewpoint on the budget It is from the reference and in that, Kan Khalil Sahib is one I have a different opinion. So we would like that he should listen to their opinion as well and then There will be question answer sessions and a brief There will be a round in which most suggestions will be It will be asked how to improve the budget.
what other positive things can be done Insert. So this is a request to Kayan Khalil sir.
that he Put Yes, it felt Presentation felt Kiss will go like this.
Yes Yes yes Bismillah Rahman Rahim, this recently we Which also has to be discussed in terms of the budget but Recently we wrote a book I am me And we have a Central Bank of Bahrain.
Is an advisor. Sohaib Omar is a Pakistani Sir. They wrote it together and Mashallah Pakistan, we are making a big claim in this that Pakistan's major economic Social challenges are for example government What a day it is, there is inflation and poverty here.
If you are talking about its elimination then and its If you are telling about policy change to end it then Eagles think that some people are rich or some are big Maybe he is telling me how much of it is in it.
We have about 20 of these in Pakistan.
There are also practitioners and economists too.
Admission: He was the CEO of two banks.
This has also been reviewed by Aldo's main There is an economic session. But because it is new, it People are assuming that perhaps this Something different is happening. This is good this let start. Yes, yes, Pakistan's budget If you go and see, this book is If so, the monitory on the monitory site i.e. There is talk of fixing banking and money Is. But nowadays the issues of monetary site Because of this, your fiscal taxation will also There has been a big impact. Pakistan at this time This is last year's budget of taxation You are paying approximately 50% in interest.
And generally you go and ask people that this Where is he going, where is he going? The answer is this It happens that it's probably going to be taken by the IMF.
Is. Someone you are good at in university If you go to the university and ask, they will say the same thing.
They are saying that the IMF is going out Is. But out of this, which was above 85% last year Yes, it is above the domestic department.
Domestic Day means that we go and Money was kept in banks and the banks are Giving loans to the government. every month Government of Pakistan approximately 400 to 500 It takes billions of rupees from banks and pays interest I return it. When that interest goes If it falls in the accounts then our poor We bear inflation and at the same time because If this is happening with debt, the debt keeps increasing.
And this tax is being done by anyone else.
Expenses like defense, perhaps two and a half times more than the BIP program Perhaps in comparison to what was being talked about If it is 10 times more then it is very big.
Some gentleman has made a big expenditure right now.
The Government of Pakistan had said a good thing Federal Government first if that 60 percent which It gives it to the states and if 50% If it pays interest then its treasury is empty Then he takes loans for everything.
If it had been, then this system Yes, well, you see this in this or I have made a A good slide has been made that this debt is Growing with your money supply Is. In the last 10-15 years, Pakistan The domestic debt that I am talking about 80-85% interest is going to be given.
It went from trillion to 55 trillion.
It has gone and at the same time you look at the money supply.
The money supply is also increasing simultaneously.
What I told you is that on one side we They are killing their poor with inflation.
Because inflation doesn't hurt everyone.
Delivers. Inflation is like you and me People who own assets are seeing their prices rise.
Go away. It harms the poor to those who are on fixed income whose salary you That means first you collected 18% sales tax from the poor.
I took them out like those who had There is nothing to eat or drink and then your You have given them inflation of 15-17%.
Did it. So this is going on all the time.
Is. So what is this system? on this system We have talked about how this system is happening.
Is? Because in this we have talked about which is money creation historically always Sovereign Right has been. these last 100 years What happened was that we created money Has given commercial all over the world To the departments. It started like this that in the 17th When banking started in the 19th century, people went Used to keep coins with goldsmiths. They Receipts used to be issued. these initials were the medium of exchange of the time. and that The time has begun. But in a while Goldsmiths started minting receipts for coins.
There are 100. 400 receipts were issued. So people Said there was inflation as well as instability It happened and was also considered a fraud. People arrived.
If he did not have coins, he would have to go to jail.
Fell. And in 1840 the Government of England refused that now any private There will be no creation of money. Now only money We will create. England was a Dominant power at that time. So everyone told him Followed it immediately. But then Gusta, in the last 200 years, what happened was that the money From coins, they have now become receipts for banks.
It has come in numbers. Now for bank numbers.
Create money in Surat. when he is someone Money is created by giving new loans to Is. Like if I paid you a big amount This is an easy example. I will pay you if I have payment, you are minus my account Will go. Your account will become plus. But When banks give loan to someone. For Example, give loan of Rs. 100 crore also. someone's The account will not be negative. That new money created We do. And this is not a Ponzi scheme.
I am telling. This is your Bank of England Please see the paper. It is very clear everywhere That you create money through multiplier We do. I should go to the bank and deposit one lakh rupees.
He keeps ₹5,000 in cash. ₹5,000 State Gave a loan of ₹90,000 from the bank. So my I even got lakhs. ₹90,000 loan given to Went to him also. And then the one who took the loan He took it, obviously he took it for a reason.
will be. He paid his vendor Went to the bank again and this process continued and at present in Pakistan it is Our deposits are worth 30 trillion rupees.
Are. Give them cash against that trillion. like those goldsmiths Those who did not have gold. So this money creation It is happening. Well, its disadvantages are obvious.
Because it is created with money dept Has been. So, in a way, the debt is increasing.
On to the next breed. of which we have no It is not our moral right to take loans. These The Prophet (peace be upon him) has sought refuge from debt.
And we spent our entire treasury on loans.
Have been. Meaning the government's expenses are ours.
The good thing is that it is not Household Day.
But this is also a big thing in America etc. There is an issue. And on one side there is a bank.
Look, their job is to issue loans. every Like a company, they want me to be a corporate I have been in the sector. We started our sale on the first day.
Let's look at the previous day. and sale of banks What is? To give loan. that loan situation I would not be giving any of that ghee or sugar.
If he were depositing money from the account, Money is being created with this loan.
There is private creation of money. That is, the one who The sovereign is right as I say, the public It is good just like Dafa is a public good. you will say Dispute resolution is a public good. That Like money creation is a public good that you given to the private sector and this as loan It is happening together. So this will increase the debt.
Used to be. Then this is causing well concentration Is. At this time in the world, there are doctors all over the world It has become so concentrated that 1% of the people Those who have it have about 40% of their wealth Is. And the bottom 50% were left with 1%.
Is. The three biggest bosses in America Amazon and Tesla own half of America.
has wealth of Rs. Pakistan is also in the same situation There is not much difference. So a wealth I am getting concentrated. Economy up again and again Is below. Whatever issue there was within the economy There are boomb bicycles. The main reason for this is that Banks Pump In Money When Things Are Good We do. Stock prices rose, Real estate prices rose and then Because the entire system would stand on dept.
It is there and there is a hole in it and then there is the recession. So Every few days, the boom bus cycles, Financial fertility, all these issues are going on would have been. Now we are in this last good There is a slide. Let me tell you, in the last 50 in years It will go this way what has happened in Pakistan in the last 50 years Money creation has happened at 15% every year is increasing. That means you will be charged 15% less.
But it has increased 1200 times and the good The supply has increased, it has increased only nine times.
Is. So that means everything that is 130 It has become many times more expensive and this means one roti Which is available today for ₹25 in Islamabad Perhaps it would have been available for 25 paise in 1975.
But in this journey from 25 paise to ₹25 Thousands of poor families have been killed because The rich have taken advantage of this. their assets Have increased. The poor have been killed. And this It is also a worldwide issue. Same situation there too Is. There is not much difference in this.
Dept is growing worldwide. I this We have less time, so we move faster.
Let's move ahead. Well, what solution are we providing?
Are? We are talking about the solution Look at that.
Well, this thing is that whatever is there in banking I saw this Bank of England guy Has been inserted. Governor, he says, "Worst."
Form of banking. It has to change Is. Otherwise we will face worse situation. So There are a lot of problems inside there too.
Well, in this we are talking about three things.
The first thing is that the power of money creation which The private sector should come back if it has it.
That means they should come into the public sector and make money How to create? Create as much money as you can Only GDP is growing as much as possible.
For example, if you are growing at 4%, then that 4% Create without debt, create with debt. And In the case of Pakistan, this is almost 2000 billion amount is created from which you Maybe every poor family should be given ₹00 per month Can. So this is the time to spend a lot of money.
He is also there. So here's our proposal: Sovan money which has always remained Sovan money in history and which you gave to the commercial sector or come back and there are two ways in this Can. Either it will happen that everyone's account You deposit it in the State Bank which you Central Money says you can do that.
But there are problems in that again. You are one of them There is infrastructure at the same place. the same place There are issues. It would be better than that How much money we have in banks today He has kept 5% of the banks in State Bank Near. This has been increased from 5% to State Bank of India.
They should be 100% inside. This means that if any If they have to issue a loan then they can withdraw the loan money.
Can't create and give. He is someone's You can give it for money. People will say this This will probably reduce our production.
In Pakistan in the last three years Banks supplied 98% of the money.
Only the interest is returned to the government To do. So this is their work, Western.
They are investing in real estate in countries Are. Well, this proposal is very much in it When you say about banks that the entire state If you keep it in the bank then effectively you say That Pakistan has as much domestic debt You eliminate those who are related to banking.
It is in hand. Look, you go to the banks and tell them That you have 5% and we have to do 100%.
If you have ₹5 lakh in the bank. from you If you are told that you have to earn ₹1 crore, then how will you do it?
do? You will have to deposit cash in the bank.
Banks do not have cash. near the banks What is lying there? Treasury Bills, Suku Bonds. So effectively when full reserve If banking comes then the whole thing Domestic debt is what keeps the balance of banks If it is in the sheet then it will be effectively transferred.
Will go to the Central Bank. So this is what The world's largest economy fresher says this Its biggest advantage is that depression So they will end but at the same time the payment of Government Day Substantial Government Dept will be reduced and along with that, again Lack of inflation in it. After that he did this Said that there are two types of money. A bank money And the other one is state money. their Unification will happen. And the state which The franchise was for money creation, he took it back.
Will take. So this is a big thing, that is, big Economists support this. I I will go ahead and Is there any practical example in this world?
In.
Yes, I will come right after I finish.
Am. Well, we told this is Pakistan's day.
What is the situation in Pakistan right now?
That 5% is the reserve kept by the banks.
Is. 60% has been given to the government. 25% He has given loans. So as soon as If it goes into full reserve, then two There will be sections. Meaning Legal Structure There is no talk of change. one section They have a money section and a section for There is an investment section. Money section You have to put 100% in. You pay in it Can do. You can do the rest of the work with it Are. But no one gives you any interest on money.
Will not get it. You don't get any profit It must be because you are not taking any risk.
And in the investment section, if you If you want to invest, you should withdraw your money.
Will have to pay. That means I am his easy Let me give you an example that today if there is a widow then she has ₹50 If one lakh is kept in the bank, the bank will return approximately Giving 810%. That is ₹5 lakh. then from He is managing his life. He understands that I am getting ₹5 lakh but effectively He is incurring a loss of Rs 7.5 lakh. so That the value of money is falling. This The value of money in the system should not fall.
Because your GDP is connected to your Is. Money is real asset based. In this your The quantity has to be safe. Because today if If the bank defaults, your minimum money That's it. Here, whatever money you have in the bank They are kept completely safe. Now she will call me widow That whatever I have, I am running my house with this only.
Was. So in your sector, in your session They are not getting anything. So this will be in it that he should withdraw his money and give it to that widow.
Will fall. That means he may put it at low risk, If you invest at high risk, his account will be negative.
And that money will go somewhere else. So we are in it I was trying to tell you that your Investment section will be that real Investing and Money section Which is money and debt which have joined together The coin has two sides. That is, I tell you I am creating 90% of the money in the world.
It is being created, it is happening with debt.
Is. So the debt is also increasing all the time and every Time and money have increased. After all, what is it that Pakistan's debt reached 55 trillion. And It is a strange thing that a sovereign government Who has the sovereign right to money creation She visits commercial banks every month 500 billion loan is demanded in interest Will she return this fake thing?
that you should kill your poor people with it and Pass on your debt to the next generation. So this In the solution, we are telling that Pakistan There is talk of eliminating the debt.
Elimination of inflation within Pakistan It is a matter and it is obvious inside Pakistan if This is because of poverty, it has a huge Pakistan's expenditure is currently due to interest 6000 billion domestic debt is over Which is going to banking. effectively He gets eliminated. 2,000 billion rupees You can create money. And this system which It is in accordance with Islamic teachings.
Look, just now some gentleman was saying that this There are three taxes within Hong Kong. I tell I have lived in Islam, not three but only one Zakat is a tax. Zakat is also telling you this Where can I get it from? It is Hushar. An If Wealth Zakat on income, Zakat on production and where to spend Have to do it. These two things are telling you Are. So, we destroyed our physical side as well.
Zakat has been repeatedly mentioned in the Quran.
Well, we don't even talk to him. and taxes In which are you taking it? A tax that we Sales tax is so strict of the Prophet.
Whatever kind of Hadith is against the Maks There is sales tax, right, that means used to take it while entering the market There was that money and you said that these people would go to heaven.
You won't even be able to smell the fragrance. So we are talking about riba I am sitting on it. If our brief tax If we talk about health, we are 60% poorer than others.
They would take the tax and then go and pay it as interest.
This is the work of our entire government. So this In such a situation, if we do these small things Will remain. But the same thing is said in the Quran It has been said that wealth is only for the rich Don't mess around. And two for him Policies have been explained. a fiscal policy Where to get it from, where to spend it. And Effectively our scholars were convinced that taxes He was a big opponent of. Prophet Muhammad is so strict that the hadith and we poor people are being killed Are. And then the second policy is that your Elimination of exploitation, elimination of riba And the elimination of riba which is in actual mano That is, your money can never be a loan.
Cannot be created with. Our Islamic banks are also doing the same. Mak also Just doing the same. As long as you can convert money from debt to and give it to Sovan Right If you don't take it back, then this 6000 billion What are you giving for?
Go to the government. They say yes We don't have money for anything We were left with no option but to give them loans.
There is enough money to pay interest and If these are being done every month then base We need to change and what is the base Your physical site is damaged.
Exactly because you pay sales tax.
Islam has clearly told you that It has been told that there should be a tax on wealth.
Tax the produce, it is absolutely In production you are the son of Yusuf Karjavi wala The view is that even on industrial production You can invest 5% in the service sector also.
And in reality, who you are is of interest.
Finish it in real life, it should not happen that You changed the name and went down If you look at it, that is, in banking I would say There are two issues with fraction laser money.
They are creating and then their money which That is with the policy rate of State Bank There is a link. So you can choose any Islamic bank.
Let's look at the contract, this is what he sees in it Will come. So in real terms, if you make this change If you do this, you can come out of debt. You can come out of inflation and you Ultimately, the real policy of Islam is that You can eliminate poverty. One I will end by answering the question.
Look, this is often the question that this First of all, where in the world is it applicable?
Let me tell you that apart from the last 100 years The creation of money is always a sovereign right.
Used to be. That means earlier there were coins on it.
There was stamping. Roman dinar, Iranian Dinar. This is what has happened in the last 100 years.
Gradually, slowly and gradually Understand that your paper currency is State currency is compared to numbers I have gone. So you saw in science a We used to read that you can put a frog in hot water Make me sit. He should keep heating it slowly.
He will die anyway. No one knows It will work for him. money in the same way Slowly and gradually the transfer took place Is. towards the commercial sector and now that 95% She has gone there and you should ask people Who would not have known. You see 90% of the people If asked, they will say yes, this is State Bank.
He is creating. State Bank then 10% Must be creating. 3% in the world He is creating. Commercial Bank Profit Creating every month with Modf and Those sales are being increased and you can Controlling through interest rates Are. So if our entire system is money Through policy and I am not saying this The world's greatest monetary economist I'll finish with Mills Feidman.
He said he was asked whether this To implement. says that any adverse Impact Financial or Capital Markets This system can be implemented without Can. The first thing he asked her was this Why is it not implemented? He Said that the people who are to benefit from this They do not understand the big economy of the world.
The question arises as to how banking creates money.
and those who are taking advantage of it financial industry or people like that Then it also gets complicated.
If political interests also come into this then We have to fix our base and our base is Islam.
It is mentioned in the Quran that you should Eliminate in rare cases. This one Don't end up just changing your name.
Give and also do not do that you are what you The tax system on which you pay such small taxes You talk about Islam, which is quoted 50 times in the Quran.
There would have been no discussion about that.
Neither does any scholar talk nor does anyone talk Brother, Islam has a physical policy.
Zakat. Tell me where to get it from, where Have to give. Only Zakat is clear. These The government has new work. Jazak Allah ji.
Thank you very much sir. Question Answers to take or ok ok sir please doctor ahmed zubair sahab Please.
Thank you very much.
I am thankful that the Institute of Policy studies have taught us all about pre-budget provided an opportunity to gather at the seminar and Our The assessment which is in reference to the pre-budget We are in conversation right now.
A My A When I got the invitation Dr Asim I kept thinking something from this side.
So I want to be a little brief about my I want to share my views. Actually Joe We are discussing the budget as everything has happened so far.
They Apart from that, if we do it in a slightly different way Think about what a princely state is in our view.
And what is his role? What is its size?
And who are his operatives? Which ones Not going to work?
Do we see the state as a Security State or Development State yes?
So let us decide this first. If security If the state is Replacing the Islamic Republic of Pakistan No other security state of Pakistan Take it.
Otherwise we will become the Islamic Republic of Pakistan.
His law, his legislation He was there in 73 and is still there.
So, according to me, this budget is big.
Comes in. The first question is that I mean I Meaning, I will not talk too much.
But we have become a security state.
Are. So an important question is whether Pakistan K Ashrafia From a security state to a development state can move towards and nowadays we are very Excited that we have a Net Security The provider is in the Gulf region. Allah is good Do.
Well, we have been doing S.A. for the past several decades.
Security State Geo Strategic Rent Kept collecting from the West and Arab countries The pressure from the countries was state He was a little bit stressed about finances.
For a development state, the focus will be That would be rising per capita income, for example.
GDP growth is not yet that quality of He has talked about GDP growth. Zafar Sir, we can also think of one In my dreams that the purpose of Derm State Their per capita will rise And the other one is Vietnam.
Indonesia, Malaysia, South Korea, China Taiwan, let's look at them and have a comparative If we move towards an innovation based economy In that Lamhala which is of security state There are levers, they have to be pressed. without him he It can't happen. Otherwise, transfer of resources They She could not decide, could not decide, could not decide Will get it.
The next thing I want to do is If Pakistan had a princely state within Pakistan There would have been a truly economical society So what our which is the budget That would be Matma Nazar It is how we can benefit from this budget.
This is called countercyclical support.
Give to Support growth stabilization. Mehtab Haider He had also pointed towards him. So the counter Sickle support means that if the economy If it is in recession then we should give fiscal stimulus.
And if the economy is booming, we are failing.
Create or accumulate buffers to protect against bad It can be useful for stimulus in times But we are not an economic sovereignty. This Waqt Hukumat Pakistan Ek Day Collecting The agency has been formed. And just as now Khalil sahib was saying that he is a big Gave a revolutionary and very appropriate concept Is. But basically the Government of Pakistan Is a day collecting agency for the commercial Banks and for the Foreign Creditors. thats All.
The third thing I'll do next is Now I want to get into the numbers.
rough numbers Which was the budget for FY26, the original budget The day servicing number on the document That was 47% of total current expenditure.
ok sir.
This day servicing was 97% off net.
Federal Revenue. of net federal revenue This means that for transferring the provinces What remains after that is with the federal government.
In that, day servicing consumes 97% is Consumed by the 9 by the day servicing.
fixed bugs? Now keep this number in mind.
Of.
No, we are coming now. This is in the budget There was the current physical year. No months What about the current budget for the fiscal year?
How are you Surate?
In that, the day servicing as percent of net Federal revenue is 110% That is, the one who That is, when I did this to prepare for it, I I had no idea, so I prepared for this session.
For when I saw this number I saw 110% So I was shocked that the IMF's four-year Fiscal Austerity Consolidation Ala Bala Etc. etc. Mehtab kept writing all this.
Are. The result is cipher cipher 110%.
Dept servicing as a percentage of total Tax Total Revenues Total Consolidated Revenues is 60% and day servicing as a percentage of tax Revenue is 74% And this is when we have completed For four-five years, I harassed the public.
Has given.
So right now I think someone among us The panelists were suggesting that perhaps you were saying were that this meant that day servicing After that we are left with nothing but defense, Pensions, subsidies, civil government, PhD, salaries, grants all on loan Are.
This is completely ridiculous. That means you are a In the IMF's stabilization program That's why I'm saying we have physical Stability Consolidation Achievement Did Nothing Is. We still have what it takes to get started with the program.
If it was there, he was fulfilling it by taking loan.
All the things and still doing the same today. So That's why I said that this is our government of Pakistan has become a day collecting agency for the commercial banks and foreign Creditors.
Coming to taxation.
Recently Shakib Sirani, my friend and Iminet is an economist. He made a big gave a shocking number and I want that Numbers should be in our minds. To you know the number 50 trillion collected in the last four years It has happened in tax.
Tax worth Rs 50 trillion has been collected. Who That in the previous 17 years, 50 billion each Tax of Rs. was collected.
Listen again, you have built 50 in the last four years.
trillion in taxes collected, which is equal to what was collected in the last 17 years Tax is collected This is very scary, this country cannot function.
This way this budget means I can I was thinking what would happen if I used the word I did some research on this.
When I did it, that word came in front of me.
Auto Cannibalism This kingdom is eating itself on which She is standing for her people, her public Those who are earning from it are doing business.
are doing this, he is doing this, he is doing that It descended into auto cannibalism.
The institutions which are responsible for the entire taxation Nizam is eating him I thought that Zafar would tell that This is the last thing I am talking about regarding Outlook.
So today your colleague Shahbaz Rana The story given by IMF today Target given for additional taxation Consolidated That's an additional target of 1.1 trillion, okay?
Yes, out of which that 400 billion is provinces will collect and the remaining 700 who He is The federal government will do it.
Well, all these things have happened. one two three and There are things. Combined Energy Circular Day That is 5 2 trillion In which the circular is related to the power sector The dept is 1.76 and that of the gas sector Allah Mashallah it is 3.44 trillion And if you are a KP government official and a federal The disputed amount of the government If we take it, it becomes 4.8 trillion.
So the very last thing that Pakistan needs To Reinvent Itself Totally.
We should disregard the Constitution of 73.
Have to do it. A new constitution, a new The state will have to conceive. And all this This is not even a distortion. These distortions Kay's grandmother is Amma or great-grandmother Amma Hughes.
Keeping all this in mind and as Khalil Ulla Sahib is talking about those things which are There are such revolutionary ideas that they take We have to conceive a new state.
Without conceiving a new state, now this Normal economics is no longer what it used to be.
Economist I Growth Economist Fala Trade Economist We are fine tuning Are. This will not be fixed by the annual budget. fine [sound of clearing throat] Fine tuning Will not done. Thank you very much.
Thank you very much sir for the question answers.
Please keep the questions brief. Yes please.
Please get all the questions done.
Thank you. Mr Shaukat Randhawa I have been a government employee all my life and this The planners are seated on this side of the table. so this is I would like to say that these idols were also taken out from Kaaba.
The relationship is distant. This is what used to happen, sir.
Sir, I am very frank with you, you have maintained the atmosphere.
Yes and it felt good. a couple of things if you If you allow me, I will do it.
The conversation started by Sir Zafar was then taken up by Shahid.
And finally Dr. Zubair Sahib said on it I will tell you a little bit, sir, in figures or There is no need to tell us so many figures.
If you look sir, we have a mixed bag here.
The children are also sitting, there are 24 people and we are 24 We are talking about crores of people. This is us Pre-budget seminar is being conducted. We post We will also be doing the budget and On a Friday in the first week of June There will be speeches in the evening, PSDP will have a lot of support.
It will be repeated again and again that for the first time You are bringing so much PSDP, 1326 La Zafar, this time I have heard 1.326 trillion Why was I like that, that later We will bring it at 870 70 Sir, the thing is that you have just Zafar also talked about how we can achieve GDP growth.
Keep playing that right now we are 6% Even went till there. We talked a lot at that time.
It decreases. He took poverty along with him tried to connect with and Shahid was sitting Are. They know more. What GDP Does poverty decrease by increasing, sir? this is a Question mark. Not necessary. You yourself I have already told you that at this time you should contribute Is serving in GDP. So service That you should just look at it. Shahid is sitting.
Services that also deal with employment How many people do we have and the poor ones How much are they benefiting from the service?
seconds Doctor Ahmed Sahib then said something interesting.
Given that we should go beyond GDP How is the per capita rate going?
Is. Sir, if I may try a little bit, Capita also sir, maybe you did not explain it properly Could do these things. If you allow me So give me a personal message during your conversation.
I remembered the matter. It was a close family.
Mashallah had five or seven brothers. So one of Salary around Rs 40,500, at that time ₹1 lakh was a lot.
It used to happen. I'm talking about 20 years back.
So it was about 40,500. 10,000 for someone Was. Someone's 700, one of them poor fellows Was earning ₹500. So wherever they are sitting Neither did those who were earning the same thing say that we Mashallah earns ₹1 lakh by joining the mill.
Our income is Mashallah, so sir, if you do this If we add per capita, it will probably Could not tell the true condition of poverty.
Inequality which Shahid mentioned in his speech So inequality needs to be corrected.
PSDP Pied ka to sir doctor Nadeem Hal Haq ke zameen He was interested in working in PSDP.
Of. We also did a little bit together. Sir PSDP is now a development programme.
rather than a political rhetoric and a political The slogan has not been made.
We will play it on budget day or thereafter.
After a week, how did we not the first time even earlier [Laughter] that we have invested more than a trillion on this Sir, you have done a great job and you all agree on this.
Is it true that Mehtab has done something on PSD?
The program spoke too harshly It doesn't end, sir, a government comes.
He is passionate about roads and transport.
At that time PSDP shifts there.
The second government comes and they have power sector I would go there because of my hobby of investing money.
Is. Projects keep getting delayed. Delay They keep happening. Lingan and keep happening.
Believe me, in 1985 I joined Sir Service.
I joined and was put in that section.
Where the PSTP project proved used to do. If I take time, Dr. Asim Please remove me if I stay for too long I will take it. And when I retired, I was working in that section some time ago.
where PSDP funds were being used used to be released. Coming in 1985 I heard a word. Here the children have less You may have heard it, but you all Moratorium on the development projects In 1985, Sir I retired in 2018, the same problem is being repeated.
Can. It was being repeated that let's have a Moratorian Certain Development Projects.
Sir, why don't you take it? the next four years Neither did you make it nor did you make PSDP. What Will be done? which will help you in your development projects Don't take up any new project. That yours’ Try to eliminate them.
Efforts to develop the private sector Try to develop. all Private sector comes into the world. And Mehtab, I have a little disagreement with you, Mehtab, okay.
Is. The MNS funds you mentioned This time the number of people heard will increase from 63 last time to 70.
It will be less on them. It's turning 70, right?
But friend, we don't give it just like that. We now We also mean a little bit about the government.
You give the projects to MNS, right?
So why don't you catch me a little bit?
You know, if you had to do stories, Thank you sir, one last thing as I said earlier Said that we are talking about 24 crores sir Mehtab is in that field, Zafar is there, Shahid is there And you VIPS sir, Prime Minister in the evening Come on time [sound of clearing throat] Please change channels.
And explain the budget to the common people, those who They don't care about efficiency, they care about inflation.
He has no need for Phil Philip Tax.
I had a sir about a year ago.
During these days, one of my concerns was It was printed. He became famous. I had written that There is no need to give any figures. Any There is no need to tell the Gini coefficient.
It starts from July 1st after the budget.
You should not go in October. go in December Ask the general public intermittently that friend You're better off this time than you were in July.
Time compared to last June. if he says Yes, your budget was very good. If If he says otherwise, then please next year Just think about it. Thank you sir.
Please go ahead and ask any other questions.
Sir, there is no question in this, really.
Only I am Doctor Ibrahim is right. Sir, You Talking about PhDP that PhDP should be closed for 4 years, 5 years For. But I think that if this If we restructure it, that would be much Better to stop because your very All the funds in PSDP, that is Being allocated to the NHA. NHS very Sara takes away and your infrastructure And buildings and white elephants stood and this is better than this you Restructure and what's more PSDP towards Human Development Index Who should I take away? So that would be a better option.
There is one and sir, the second one I have just recently come Was reading somewhere that the IMF had the power Tariff has been linked with BISP So I wanted to ask him something like is it A good decision and a bad decision because You from the IMF He will actually be there from January 2027.
Implementation of a power subsidy scheme I was at 200 units and it's running out.
Mechanism and who are the beneficiaries of BISP They will get whatever is due to them. His prose and What are they? For example, it is good to quote that You know we grew up in Pakistan.
They are smart people. In our homes, we Two or three meters have been installed so that they Let us lower ourselves from the slab.
But I think it's worth thinking about There is a need to understand. This is a political decision Is. and its reproductions of key decisions.
Will be. It's not that easy. But What we discussed in these writings with the IMF LOI is there, it is agreed that yakam Implement it from January 2027.
And Sir, the way we are looking at it now Our IT exports are very He is flirting too much. One of these is your The final tax regime is that which is 0.25 Ok? Which will be finished in June 26 So what do you think he should do in this?
It should be continued in the budget because Obviously our IT sector is flourishing.
And this is the final tax regime that It is very beneficial for the exporter of IT IT sector.
Look at this, it was kept for this reason rather The IT sector itself had said that a nominal Please keep that aside. Yes so that that documentation is done and this is my Keeping in mind the entire scope of tax policy Needed Now instead of the zero rating, it is 0 Take 1% but get the document done. Zero Don't do that work. So in this sense, my I may also keep this in mind for a little while.
The rate should be lowered. giving incentives So let's make it 0.1. 0.25 is also 0.1 Well, there is 1% which I still audit.
I am looking at firms that they The tax rate in Pakistan is Is worried. Meaning if you look at 40, 45, 50% then that She wants all the brothers to be from Saudi Arabia etc. If you provide service then even 1% is not much.
Is. For effective 0.25 to 0.5 you need More compliance is required. So if 0 25 should end and there should be one, even one against 40 I am less, right? You are paying local fees on that.
Are. That is absolute devastation.
Well I He also has the same style as the Parliament I am given money for it properly.
There is no marketing and no other PSD This probably affected the MLA by 50%.
They give money, I think 70% I might be less Ok Doctor, I have a question.
Yes sir my friend the question is my name Farukh Malik is sir I work here as a Research Communication Officer Shahid Naeem Sahib Sir, you talked about social protection.
I have come from living in the UK, so this is there The social safety net is very strong Where the sir calls his people job seekers Allowances and many such facilities Incentives are given so that tax collection takes place goes but in contrast to that there is no kind of Sir, we have the service in Pakistan.
Can't find it. So first of all, Sir If Pakistan had such a social safety net and which is the Benji Income Support Program People give him a tent amount to charity That this discourages you people.
You invested your life in money and that employment Not going towards. Second sir, my one The question is from Zafar Alma Sahib, sir.
that this is indeed very alarming that if No investment in the agriculture sector Coming and Pakistan being an agreement Agrarian country, if we adopt technology unable to integrate as Australia or Russia, we have a model So Sir, what can we do about it?
This means that Dad We Fail as the Nation to Integrate Technology and Correspond To the Adapting and the Change in Circumstances Thank you sir [sound of clearing throat] Look at the social safety net that's in place.
It is a design, it is designed like this that if you have 10 different programs then They support each other and The objective should be that any household Because of this he is below the poverty line and he He needs support like this Plans should be made to ensure that various interventions are through to free that household from poverty How to graduate and in how much time Have to do it. If you give skills to a child Yes, some child has to be educated, some Fard has to be given micro finance, he livelihood assets have to be given so that that family Become capable of earning and with in two three In four to five years, he can graduate from poverty.
Take it. This thing is not possible till then.
As long as all the programs are interconnected Will not be interlinked with. Their data It will not come to any one place. at this time This is the biggest effort. I would remember I think Zafar Hasan sahib also has some Participated in that work during that period. We have a The National Policy Framework was created in 2016 Approved by the Minister for Planning in And in 2019 when the Ministry of Poverty She was given the assignment as a man It was that you had given the National Policy Framework The purpose of which is to approve that the Federal Provincial District Public Private There should be coordination between NGOs and there should be such close coordination that one Every individual within the database The program should see which How to manage household and in what time period Which intervention will help in getting rid of poverty?
Is. We're still stuck on this thing.
Is my database better or yours?
Database is much better. So this In this era of technology, you young people Know the technology well Database is not an issue. The real issue is that it is not a political will that we have to do Don't want.
From 2019 till today it has become 26. They The framework is still open only to the Prime Minister.
It has been approved by the cabinet that this Send it to. He will go to the federal cabinet.
It will go to all four provincial cabinets.
After getting approval from there, enter Provincial Coordination Committee Will approve. Then he has no legal status.
It will be made. So I think the next 50 years We will continue to work on this.
Second, you invested in agriculture.
If we talk about it, then it means that for investment The results come much later and even earlier.
This is what happened, now look at this government The current government is Jo Singh, 2013 between 1990 and 18, during this period our The average growth of the crop sector was 0.4%.
The population was growing at more than 2%. So The result of this is that we get a high food In case of inflation, we had to see it later.
So now this is happening today, so this year After two years, we have this high inflation.
Will have to look at it in the face of. Whenever prices Whether it's incentives or higher prices, What if the market is a little stable?
It happens that the prices of agriculture She raises the bar on poverty through it.
Impact. Now like Shahid Sahab in poverty has done a lot of work, so you can include Jin Jin in it.
Support price of Vette in years etc. Pakistan's poverty decreases as it increases it occurs. What is the reason that she is from rural Rural phenomena of money shift towards Poverty is a big problem here.
It is a significant role. so like this Investment brings in a lot of money Is. As soon as the farmer gets the money, tractors and such like that Razor leveling and this kind of work occur on the ground which increases productivity Let's enhance it. So if this investment If it is decreasing then think about it right now It is important to think about the coming days, friend.
This will prove to be a profession. Any Higher Food There is nutrition as it has happened in the past. So Pakistan has had major instances in the past.
In its 77 year history.
I wanted to say that whatever we have is for the poor.
There is a program for it, in my opinion 6700 billion, probably something from the federal government The provinces have a trillion dollars, but you How much does the poor guy give, whatever the matter is?
40% of people are getting instant growth You understand by paying two to three thousand rupees a month.
If you go to the gas station to light a gas cylinder, your ₹2000 is spent and loss is incurred.
How much is the government providing, 5 to 6000 which is creating trillions of money Inflation is killing people.
5000 trillion from sales is saying 1000 one After giving trillions we say that brother, this is This is an insufficient amount. This is the right thing What Shahid sahib is saying is that he means That should happen, it should be integrated. But Nothing will be achieved by 2000. This should be understood We will give Rs 2000 to the camel.
We don't need a camel after adding cumin seeds.
Here, 40% is in the mouth of the poor man.
The condition of the children is bad. There were two or three of us They are thinking of paying a thousand rupees a month.
This will sustain us. their living will be.
One thing Look, this is just social pressure.
programs in Pakistan I don't mind paying money, but There is objection to giving money unconditionally. You this Why not do conditional? For example, if you If you send your children to school, you You will get this money. Then his graduation Why? Meaning you are getting money. If I If I start getting money for free, I Then I will think about how I spent them.
Have to do it. See, it is conditional on having that money.
You should have monified your children.
Have to get it done. You sent your children to school and after a few years you will get this Money will stop coming. someone or the other It will not be successful until graduation.
The program cannot be run.
Saras Mansion Is Look, look, look what Mehtab Sahab is saying We are not having any framework at all.
Look, we have no social protection.
There is no policy. Social Protection There is no framework. We run the project and are happy. Ok? of a bisque The data is different. That would have cost the entire census Is. Now Punjab has created its own data.
Started it. It also costs a lot of money.
Is. Ok? And each one has its own shop.
And these programs are integrated among themselves.
Not there. Multiple are the means of education He is paying for education. Jewellery Training It is also giving in Punjab. Sindh is also giving Is. There is duplication and you see the ultimate You are doing a program on education. Until You will not run it together with the state. You How can you do this in Balochistan?
Giving stipend to the child. But If there is no school there then That's why I understand that you are without school.
I am the best in Wasila Taleem 2013 The program has arrived. Perhaps even today, what we The bottom quantile is their enrollment The issues are the same way. So ultimate Watch Until You Die Without Proper Framework It will not work, I am investing money but it is not working.
Are you creating equity or opportunity?
is creating what you are saying sir and Nor is he creating any resentment. That 1 The flood of 2022 came in Sindh because of Impact were all wiped out.
An inflation shock comes and wipes it all out.
Gets him out. So social protection [laughter] Alone doesn't work unless Growth on numbers that doesn't create jobs And number two, you improve your social inclusion.
where you do your overall training and Does not improve health. We are currently on social media Expecting protection from He will also do women empowerment, jobs He will do the creation also. He does everything Will give. He can't do anything.
No Sir Sir 2018 Look, it's 2018 and we just made a slice of pie.
Even in the survey done, the number is 38 to 39%.
Have come.
Sir, I am looking for survey capability of these NIPS.
to tell you No, one thing is that the National Nutritional Survey The survey which is conducted in the name of PVS It does not do that, it is a specialized survey.
In which blood sample is taken and analyzed is done. these details Two surveys you have data on, one DHS A National Nutrition Report of 2018 is available There is a survey and we have just conducted a survey of both these companies.
Fight surveyed in 204 That data is the same, 40%.
approximately 40% No, there are many more details inside it.
we talk about that I I actually I want to add one thing that doctor Sujat said that thing is very important in its place.
But during this time some pilots I tried to do the Ministry of Poverty has led to a National Poverty Graduation Ran a program named. in which we What I did was that the installments of almost 2 years I had to make the payment, we made it in an apartment.
Gave it to the household. gave them some training and Then we noticed that as a result of this Inside the Household Poverty Scorecard There has been a significant improvement and some Have come out of household poverty. The real thing This is what the doctor said about the policy and programs with each other Integrating means individualizing when people and when playing as a team There is a difference in performance, isn't it? Absolutely It will be exactly the same. When all programs Team play, support each other If we do, poverty will graduate very quickly.
Might be possible. At this time all programs are Individuals are playing. Federal Program is different, provincial program is different.
I will give just one example. all of twenty Field offices are present in Pakistan.
Who does Bis have to register? female Register of female headed households Have to do it. [sound of clearing throat] Field offices in remote rural areas There is a male sitting there who has a female has to register. to whom to support Is. The number of social problems you see in this You can imagine that they are present in all fields.
Are. Why is it that monitoring Federal base for or to register Provincial or District Government or Tehsil Governorates and Union Councils Can't depend. What is the Union Council?
The office of which is currently defunct It is lying there. No one is working either Except that the death of children and He issues the certificate. Apart from this, so He doesn't have any big work. to Bis If Joe and I are successful models All social protection measures like BIS This is how they move through the world Unions in Tehsils and Union Councils The Council's office decides which It has to be given to the individual, not to whom.
Because that individual knows that this There has been a good harvest inside the household. Now This should be removed. It is on its feet Can stand. And now this household Whatever it is, it has been affected by the flood. floods Has been affected by. This is Bisht's The program should start. So and this Like we have an administrative cost of 20 That means it is a federal office. Then the provincial There are offices. Then there are regional offices.
Then there are district offices, tehsils There are offices. These are a lot of We cover the administrative cost You can take it towards the direction. These I have just given you an example. like this There are countless governance items that We can greatly improve our expenses by fixing them.
Can do.
Thank you very much sir. I have a question With that question, I would say to the Chair that Also conclude the session that tax revenue a little bit of you that question becomes infective when you said that 50 trillion in the last four years.
Tax has been collected. But that without Increasing future budgets without us We will impose Azafi tax to increase tax revenue.
How can we increase what we have? one that We also want some solution oriented discussions.
were that in this budget, in the future budget What are the things that can lead to economic development?
Go towards. So I would like if someone If you want to comment briefly then it is fine.
Otherwise the chair should call him to the session.
Let's conclude.
I also have a question.
Yes Ok. As we talked about the salary class which They are among the highest tax payers.
And rich to hai they are not ready to comply To What's Practical and Realistic Measures Can the Government Implement to Make Sure that the rich in the country are also Complying with the tax measures.
This is actually about tax, right?
I was in the Ministry of Finance in those days.
After the budget, we will relax for 10-15 days.
Whatever pressure I used to do, I went to the village I went, we were walking like this, friend And we three guys were together, then a friend said What kind of a person are these gypsies?
No, those who live in huts, he has that A packet of tea was picked up in a shopper and I was carrying a bag of ghee and He is taking it to the shopper. He said Your tax system is such that it He is living in a hut. of these roads There is no need for this. health facility No one gave it. All of his children Those who are there will remain illiterate. So state this What has he given? This one carrying a tea box 16% GST is being charged on this at that time.
It used to happen.
Paying 16% GST. This means palaces Paying taxes to maintain it. These Meaning it is injustice when it is such that You are taking all the taxes from him. For him What are you giving? Now that we have tax This is a common problem in the system. Now this At the most, whatever is there, that is the solution.
That Asim has talked about this. It has this that a principal decide that income Irrespective of any source must be Taxed. Just apply this principle.
And there is no tax policy in Pakistan yet.
It does not exist. Till today we are following this policy It is said that in the budget we have a finance bill.
I will take some measures that we have collected sales tax On such and such thing, the tax was reduced from 17% to 18%, from 18 to 16%.
Did it. We call this a policy. Policy This is what happens when you pay tax for 10 years, 20 years.
Why are you applying it? On what basis are your taxes?
Will there be a collection? And in return for that, Citizen the social contract you have with How will you serve it? So if you are doing this If yes then there is no harm in paying taxes.
No. Pay taxes. It should also be seen that The tax equitable is somewhere. So in this The current tax system is The biggest thing about this is that as Mehtab said It is said that the regressive nature of direct If tax is to be collected then it should be done through indirect mode.
I have to take that deducted from your salary and Then someone came to take the contract from it.
If the money is deducted then it means forced They are taking taxes. none of his There is no accountability. in Pakistan In 78 years, no one has been convicted for tax cheating.
It has not happened till date. So this means either all I am honest and am paying taxes honestly.
Then Mehtab talked about traders.
You should levy taxes. Now a big Income should reflect your lifestyle.
But here I am a big man I will sit in Mercedes. no one from me He will ask and I will show you my agricultural income.
You have earned the income. You used the road Have been. You are driving the vehicles. So You should pay tax. This means by the way If seen, if seen indirectly So Pakistani team Pakistani I think I pay a lot of taxes. Who There is no taxation in the world as Is in Pakistan.
I thought your question was not Salaried class and Mehtab Bhai also said But Mehtab sahab also gave another number That's 80% of your income from indirect taxes.
It is coming. This means that the Salad class Not the largest tax payer. poor man is the largest tax payer because he indirect tax In double taxation In double taxation Well, I want to tell you one more thing about Kanit Sahab.
It is related to conversation. Our monetary There are two policy tools. Zubair Sahib Because they are also bankers, so in this regard their This is a relevant question for you. more of our The focus is on the policy rate. We Never tamper with the reserve ratio.
A lot of it means what Kanit Sahab is saying If we put this in terms of economic policy So if we increase the policy rate by 5 to 10% Fix it inside which is basically the bank's And before this, if those of you who It is not in the knowledge of people that too if someone If you look at the balance sheet of the bank, you will We will see that capital of 10 to 25 billion 200400 in a year on investment.
Earning billion rupees in profit And he is earning through policy rates only.
He is earning only through loans. If we Fix the policy rate at 5 to 10% Reserve Ratio in the History of Pakistan It never went above 12%. 5 6 7 eight very If it is more then 12% you can take it at 80-90 also.
Go. When you need to control paw inflation If so, then you should increase the reserve ratio to 90%.
But keep the policy rate low. Policy Rate Basically as payment for banking services and reserve ratio inflation be used to control. This What is your opinion on this?
Look, first I talk [sound of clearing throat] should I reserve Regarding the ratio, as sir said that whatever Meaning Ideal is the point of Islamic finance from an off view and also from the monetary framework From that point of view it should be 100% and it is clear that in the financial sector, whatever Your payment system is up to it.
There can be no credit creation in it.
Whichever payment institution has Easy money or that kind of thing He has to transfer his service fee Will give. Ok? and the investment account is there you are from Can work on profit and loss. So This is a job done That means the ideal is in its framework.
Good.
Look at banking matters, policy rate.
These are very complicated subjects.
and there is a big principle in economics that Nothing is a silver bullet. in that There is always a trade off. Ok? you him Fix the policy rate.
Imagine your inflation rate is higher.
You paid 5 or 6%. Your inflation The rate went to 89. So the returns are what Became negative. Real Returns. Ok?
His So positive on government day servicing There will be impact. But the saver is waiting Will not do. That's not me and you saver.
The savers are worth crores. He is from there Withdraw money from the bank in gold or Will move towards dollarization.
Do they have an industry?
No, not from the industry.
From there the car was handed over to the FBI.
Ok? So basically, if the saver is He is a saver, but he is not actually a saver and this Which is it, I have a big objection when you first You have also given a widow's name, that is, this What is a widow? It means our emotional We trigger it, meaning it's a It's a saver, it's over, whether it's a widow or not.
Or He is small and he is big The old man is just a saver He is old, he is just a saver, see he has it with him.
Liquidity and this is what people do in crores Are there any work or those who have crores of rupees Liquidity is kept in the bank if If there is a positive rate of return, then it will last for some time But they are in search of higher yields than real estate It can also be done from the stock market.
Commodity speculation can also lead to Also because this capital and liquidity Which is it is very fluid and it whoever is maximizing Opportunity and goes out as well through home so that's why I said that this Our Bureaucratic and administrative thinking If we think about economics then Well, there are always trade offs.
Can't fix it.
In response, we discussed this matter.
I have done that you will get 100% reservation in the policy.
The need for rates is eliminated. See Policy rate basically regulates money.
It is in creation. When you have 100% Money Soft And hard both state's have been done and you loan We will give it only when someone's money comes.
If the money is not spent then the policy There is no need for a bank without a policy.
Whether you are making rare investments or not Maybe we should make a big deal out of this rare After the full reserve is done, you will get the policy which is not required for Islamic banks.
It is a big issue for all This investment is a money investment.
section and one section two section Money is or payment system Sir, please conclude the session and Bismillah Rahman Rahim We had a great conversation today and We Okay, tell me Doctor Asim, I conclude.
Let me do it from this point of view that everyone has done this, this I said this or I will talk briefly, thank you.
vote of the I am a vote of thanks type sir.
Our panelist is Mehtab Haider Sahib.
Dr Shahid Naeem Zaful Hasan Professor Dr. Shadad Farooq Kanayat Khalil Thank you very much Ullah Sahib I am sure that you have wasted your time with your sins and misdeeds.
After passing out, you can join Institute of Policy Studies Contribution in Pre Budget Seminar in of.
I hope the IPS guys give you a Will give the shield after all
Videos Relacionados
JPMorgan CEO JUST NUKED Mamdani... as NYC's Middle Class COLLAPSES
Englishman-In-NewYork
7K views•2026-05-30
Why Canadians can no longer afford to survive #canada #inflation #shorts
TrueNorthInvestor-v4j
131 views•2026-06-01
The Hidden Difference Between Breakouts & Real Moves #trading #orderflow
SmartMoneyFutures
272 views•2026-06-02
China Is Quietly Buying Gold, the Iran Deal Is Frozen, and Silver Is Heating Up
RichardHolloway0
694 views•2026-05-31
India's Industrialization & China's Reforms
HR-News-Channel
152 views•2026-06-01
I Think Oil Futures Dropped Before Trump’s Iran Statement — And Here’s Why
bradicemancolbert
709 views•2026-06-02
After waiting 90 minutes, CA mom and baby leave ER before treatment. Then came a $4.9K bill.
abc7news
290 views•2026-06-04
Gachagua issues TOUGH DEMANDS to Ruto gvt before reading Ksh.4.8T 2026/7 Budget & Finance Bill 2026
_kenyanewsline
300 views•2026-06-05
