Miftah Ismail presents PML-N?s 6th budget

ISLAMABAD: Amid lingering controversy over the legality of federal budget 2018-19, the ruling PML-N government is unveiling its sixth consecutive budget in the National Assembly at the twilight of its constitutional tenure.PM’s Advisor on finance, Miftah Ismail, who was appointed as Federal Finance Minister hours before the budget is presenting the budget proposals eyeing the forthcoming elections. The budget, which is likely to draw strong voices of disapproval from the opposition benches, will be an all-out effort to build a narrative for winning the next general election. All should be done but there is need to ensure that the policy of appeasement must not be executed at the cost of plunging the country into another trap of macroeconomic instability.With expected outlay of budget close to Rs5.5 trillion for coming budget 2018-19, the government envisaged FBR’s target of Rs4.435 trillion and non-tax revenue target close to Rs1 trillion.After transferring share to the provinces under the National Finance Commission (NFC) award in the range of Rs2.6 to Rs2.7 trillion, the center will be left with the option to meet expenditure of debt servicing and to some extent defense with its resource generation.Pakistan’s budget in terms of expenditure revolves around three Ds including debt servicing, defense and development, and the largest ticket item on expenditure side remained related to debt servicing for which the outgoing regime earmarked Rs1.6 trillion in the coming fiscal year.The rising debt burden coupled with recent devaluation has caused hike in debt servicing as public debt in rupee term went up. The second largest ticket item is defense requirement for which the government was going to allocate Rs1.1 trillion with additional Rs100 billion for the Armed Forces Development Program so total defense budget would be hovering around Rs1.2 trillion excluding pension payment of retired personnel as it’s now part of the civilian pension bill.For development, there is still controversy over the size of Public Sector Development Program (PSDP) as the Ministry of Finance indicated budget ceiling of Rs800 billion for development but the Ministry of Planning jacked it up to Rs1,030 billion. Now the Finance Ministry wants to keep Rs230 billion as off-budget item and executed agencies should be assigned to generate resources through self- financing.The pension bill has been proposed at Rs340 billion for coming budget against revised estimates of Rs320 billion for outgoing fiscal year. The subsidies allocation is going to get Rs180 billion.For meeting all expenditures, the government opts the path of obtaining loans from internal and external avenues in the range of Rs2,000 billion to finance its budget deficit. Here the country plunges into debt trap because of its inability to generate the required resources by mobilising tax revenues and controlling yawning expenditures.Over-optimism of budget forecasts has become a problem in Pakistan, as recent years have witnessed a strong tendency for the economic and budgetary forecasts presented in the budget to be over-optimistic. Revenue forecasts are routinely substantially over-optimistic, involving projected annual growth on higher side, when the reality is revenue growth of the order of 15 to 16 per cent. At the same time, the approved budget usually involves substantial under-estimation of important expenditure lines in the budget.The result of over-optimistic budgeting, whether on the revenue side or on the expenditure side, is that the budget as approved cannot actually be implemented in full. Something must give: Either the government will increase the budget deficit over and above the target, leading to increased debt accumulation, or room will have to be found through cuts to the amounts provided in the approved budget.The pattern emerging is that soon after the approval of the budget the Ministry of Finance announces cuts in implicit recognition that actually the budget was over-optimistic. These cuts are concentrated in two main areas: (i) the operations and maintenance budget lines of the recurrent budget, and (ii) the projects provided for in the development budget. These cuts have the effect of removing the possibility of accountability for service delivery by line ministries, departments and agencies. If these bodies do not receive their full budget they have a permanent excuse for failure to deliver planned services in fullOff-budget items: The main areas of under-estimation usually relate to the likely “contingent liabilities” which in all probability will arise during the budget year. These are liabilities which sometimes cannot be forecast accurately in advance, but which are highly likely to need to be met during the year.The most important examples are the “circular debts” arising from operations in the energy and other sectors – e.g. commodity financing. The present practice is not to make provision in the approved budget for such expenditures.The second type of off-budget items are the periodic expenditures required to support loss-making public sector enterprises (PSEs). Finally, renowned independent economist Dr Hafiz A Pasha said that in principle the outgoing government should not present next fiscal year budget.He said the dole-out packages should not be given in an irresponsible manner causing macroeconomic instability for political gains. “The government has doled out Rs90 billion with reduction in income tax rates and if 10 percent pay raise was granted, there will be accumulative effect of Rs250 billion on the budget of center and provinces,” he added.The increased fiscal deficit, he said, would push up burden on current account deficit owing to demands for imports so there were fears that the government was going to take opposite steps which were required at the moment to curtail the twin deficit but he reminded that it would possess recipe for disaster.Dr Ashfaque Hassan Khan, reputed economist, said there was no moral, legal and ethical justification for the outgoing government to present full year budget. The budget, he said, was also presented on the backdrop of last year’s performance but this time the economic indicators were finalized on the basis of six to eight months data so the next budget would be extremely fragile.

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Government has no right to present next year?s budget: Khursheed Shah

ISLAMABAD: Leader of the Opposition in the National Assembly, Syed Khursheed Shah criticized the Federal Government on presenting the budget for the next fiscal year here at the budget session in the Parliament on Friday.He said that the present government can present the budget for only three or four months as it is going to complete its five-year term on May 30 and only the new government emerging from the Elections 2018 can present the budget for the whole year.Khursheed Shah also objected on appointment of Miftah Ismail as federal minister for finance and said that Miftah cannot be made federal minister as he is not an elected member of the National Assembly.

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Justin Trudeau extends support to Afridi, asks Canadians for donations to build hospital in Pakistan

Former Pakistan captain Shahid Afridi has thanked Canadian Prime Minister Justin Trudeau for lending support to a fundraiser held in Vancouver for his charity.The star cricketer thanked the prime minister for his support on his Twitter account and Pakistani and Indian communities of Vancouver for their contribution for a hospital in Kohat.Afridi also shared a collection of photos from the event and a statement from Prime Minister in which Justin Trudeau expressed "warmest welcome and best wishes" ."Tonight, we gather to raise money to build a hospital in Pakistan to assist and provide aid to children. The generosity you have all shown through attendance and donations truly embodies what it means to be Canadian.

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Communications Manager

Communications Manager (Development Alternative Inc.) - Islamabad with domestic travel

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Short Term - International Transport Specialist -BEE

Short Term - International Transport Specialist -BEE (Chemonics SMEA) - Lahore

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SHC suspends FBR notification against Shell Pakistan

KARACHI: The Sindh High Court on Friday set aside the directive of Federal Board of Revenue (FBR), which had suspended the sales tax registration of Shell Pakistan over tax fraud. In a statement, the oil giant, stated that the FBR had allowed the company to respond by April 30 and the tax authorities were clarified that the ‘relevant amount of tax had been paid in full therefore there was no shortfall in the payment of tax’.But before the stipulated time given to the company to respond, FBR proceeded with the suspension of SPL’s GST which was not justified, it stated.The FBR suspended the sales tax registration of the company for deliberately committing tax fraud to evade tax.The order to suspend the registration was issued by the Large Taxpayer Unit after it was concluded that the ‘company has concealed the stock of lubricating oil in Returns filed during the period of Dec-2016 to Feb-2018, which comes to the meaning of tax fraud’.The notification further stated: “It is noteworthy that the Registered Person continued the fraudulent practice till last Return filed for the month of March 2018, in order to safe guard the Government Revenue, this office immediately order for suspension of Sales Tax Registration of M/s. Shell Pakistan Limited under Section 21(2) of Sales Tax Act, 1990 read with Rule 12 (a) (i) of the Sales Tax Rules 2006 read with SRO SSS (1)/2006 dated 05-06-2006.

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Director of Materials - Vacutech, LLC - Sheridan, WY

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Miftah Ismail appointed finance minister hours before Budget 2018

ISLAMABAD: President Mamnoon Hussain Friday administered the oath of office to Miftah Ismail as a federal minister for finance, revenue and economic affairs, a statement from the President House said.The event held here at the President House was attended by members of the federal cabinet, party workers and senior officials.Miftah Ismail was serving as the Adviser to the Prime Minister on Finance, Revenue and Economic Affairs. He will be presenting the PML-N’s sixth and last federal budget for the financial year 2018-19 in the parliament this evening.

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Request for proposal for Community Theatre on “Women Empowerment and mainstreaming” For PPAF funded Project “Programme for Poverty Reduction (PPR) Phase III”

Request for proposal for Community Theatre on “Women Empowerment and mainstreaming” For PPAF funded Project “Programme for Poverty Reduction (PPR) Phase III” () - Qilla Abdullah & Zhob

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Aitzaz Ahsan intends to join Twitter

Eminent lawyer and senior politician Aitzaz Ahsan although  has no presence on Twitter, he intends to join the micro-blogging website soon.The Pakistan People's Party leader recently spoke to a TV channel where rumors of his switching loyalties came under discuss.While rejecting reports as rumors, he said some fake Twitter accounts active in his name were involved fueling  speculations.He said he had no presence on the social media but would soon join Twitter  once he has learned how to tweet and retweet.Asked whether he is joining the Pakistan Tehreek-e-Insaf, Aitzaz Ahsan said switching loyalties in his age won't be appropriate thing to do. "Pakistan People's is my family, and I am going nowhere," he said.Ever since Imran Khan said a big wicket is going to fall, social media users and political commentators  are speculating that that either Chaudhry Nisar Ali Khan or Aitzaz Ahsan are going to join PTI soon.Mansoor Afaq, senior columnist , on Friday wrote in his column in Daily Jang on Friday that Ahsan has been facing pressure from family and friends to join the PTI,  and he might give in.The columnist also claimed that two more politicians from Khushab and Mianwali are expected to join the the PTI.

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Lady constable raped, blackmailed by male colleagues in south Punjab

Chishtian: Two policemen have been arrested for allegedly raping and blackmailing a female colleague in Chistian Tehseel of Bahawalnagar District in Punjab, Geo News reported on Friday.The lady constable has alleged that Constable Faheem and Assistant Sub-Inspector raped her and recorded the incident on camera about a  month and a half ago.She said Fahim, who previously used to harass her, led her to a house in Chak-15 Gajiani on the pretext of surveillance of a female suspect where  ASI Kashif was waiting for them.The lady constable said her colleagues administered her a drug  before raping her. She said  the policemen recorded the incident on camera and started blackmailing her.The policewoman said Fahim had asked her to  marry him if she wanted to  get ride of blackmailing.Taking notice of the incident, District Police Officer Attaur Rehman has suspended the officials.Geo News reported that both the suspects were arrested on Thursday.

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Program Officer - Khushab

Program Officer - Khushab (Strengthening Participatory Organization) - Khushab

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Project Officer

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Chinese giant to build Gwadar?s first luxury golf community

LONDON: An investment expert has said that China Pakistan Economic Corridor (CPEC) is amongst the most important and central part of China’s “One Belt One Road" (OBOR) initiative as this project needs a harbour which Pakistan ideally offers in the form of Gwadar port.Ryan He, Board Member of privately held leading real estate investment company, CPIC and expert on Chinese overseas investments, told this to Pakistani media at a press conference here. The event was organised by CPIC to formally announce the launch of Gwadar’s first luxury golf community called “China Pak Golf Estates” for which an MOU for construction has been signed with China Civil Engineering Construction Corporation (CCECC).The press conference was attended by fellow CPIC Board Member Zeeshaan Shah; Lord Maxwell Beaverbrook, CPIC’s Board Member; Mark Savage, Chief Commercial Officer; and Ben Wiseman, Chief Financial Officer.Ryan He said that China decided to invest in the CPEC after long deliberations and keeping in view all aspects related to Pakistan’s internal dynamics, local and international situation and long-term prospects. He said that China needed a harbour for its growth and future trade deals and route which Pakistan offered. He said that with China Pak Golf Estate by CPIC, the objective is to help Gwadar build its first social infrastructure to compliment the huge amount of Chinese investment in the area. “We are developing multi-cultural, lifestyle communities that are secure and cater to both local and expatriate professionals. Gwadar is at the core of all the development that’s taking place.”He said that China faced a situation quite like the protagonist in Shakespeare's play Hamlet and needed to decide whether "to be or not to be, to invest in Pakistan or not" and in the end it was decided that it was best to invest in Pakistan as that was the real way forward. Zeeshan Shah explained that the grand golf community worth $265 million is secure and spread across 6.7 million square feet. “It’s a tailor made project for both - locals and expats - and Chinese professionals working in the flourishing port city of Gwadar and provides all of the amenities required for a quality lifestyle, set to become the most desirable lifestyle address in Gwadar.”Shah said that the CPEC was set to revolutionise Pakistan and already making a huge impact. “The whole world is talking about it. We launched ‘Emerging Pakistan’ campaign on London’s iconic double-decker buses to send out the message to the world that Pakistan is safe to invest and Gwadar offers best returns on investments and investors missing out on investing in Gwadar will regret”. Zeeshan Shah said Pakistan is “a flourishing country. No matter what happened politically in the last ten years, Pakistan’s real estate sector has only progressed. The opportunities in real estate sector will only get better. Gwadar is in the hands of Pakistan army and that gives everyone a strong sense of security.”

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