ISLAMABAD(National Times)- Finance Minister Muhammad Aurangzeb on Tuesday said the ongoing conflict sparked by the US-Israeli war on Iran has not adversely impacted Pakistan\u2019s remittances from the Middle East.<\/p>\n\n\n\n
\u201cSome members spoke of remittances, which is true. [However,] thankfully, there has been no impact on remittances as of yet,\u201d Aurangzeb said while speaking on the National Assembly floor.<\/p>\n\n\n\n
\u201cHowever, the reality is, roughly between 40 to 50 per cent of our remittances are coming from the GCC (Gulf Cooperation Council) countries,\u201d the minister said, pointing out the region\u2019s large contribution.<\/p>\n\n\n\n
\u201cSo we are also reviewing its elasticity, that what difference it can make on the balance of payments and the current account,\u201d he added.<\/p>\n\n\n\n
Noting that other lawmakers had \u201crightfully\u201d wondered what impacts the conflict would have on Pakistan\u2019s economy, Aurangzeb said the government was regularly monitoring several aspects.<\/p>\n\n\n\n
\u201cNot only is the oil and gas bill increasing, but trade and insurance cost has gone up and the vessels available that bring these molecules,\u201d he added.<\/p>\n\n\n\n
Commenting on Pakistan\u2019s diplomatic efforts to secure peace in the Middle East, Aurangzeb said, \u201cPakistan is playing its role, with prime minister sahib<\/em>, field marshal sahib<\/em>, deputy prime minister sahib<\/em>. May God make us take things to the finishing line.\u201d<\/p>\n\n\n\n However, he cautioned that even if hostilities cease soon, the resulting crisis would remain for \u201cweeks and months\u201d as energy infrastructure<\/a> has been hit and continues to be hit across the Gulf.<\/p>\n\n\n\n During his speech, Aurangzeb detailed that government meetings are held on a daily basis, where steps taken by others in South Asia and even those in Southeast Asia are studied.<\/p>\n\n\n\n \u201cRationing has begun in a lot of countries [\u2026] even people with deep pockets have already transmitted the price. If you compare internationally, in the UAE, petrol prices were increased by 30pc<\/a> and diesel prices by 70pc,\u201d he said.<\/p>\n\n\n\n The minister cited Bangladesh<\/a>, Sri Lanka<\/a>, India<\/a>, Philippines<\/a> and Cambodia as examples of nations hit hard by the ongoing crisis.<\/p>\n\n\n\n In an apparent response to remarks made by other lawmakers, Aurangzeb stressed the need to set some facts straight after \u201cstatements were made that had no connection with reality\u201d.<\/p>\n\n\n\n The minister highlighted that a blanket subsidy had been given, halting the transmission of oil price hikes to the public from March 14 to April 4.<\/p>\n\n\n\n \u201cIt is important to reinforce that a blanket subsidy of Rs129 billion was given,\u201d he asserted, pointing out that funds were sourced through austerity measures<\/a>, which were also facing a third-party audit<\/a>.<\/p>\n\n\n\n The budget for Public Sector Development Programme (PSDP) was cut by Rs100bn, Aurangzeb noted, adding that dividends and profits were obtained from state-owned enterprises (SOEs).<\/p>\n\n\n\n \u201cOn the question of whether the deserving segments were taken care of or not, so a targeted subsidy<\/a> was announced right at that time,\u201d he said, referring to the subsidies aimed at bikers, public transport and small-scale farmers.<\/p>\n\n\n\n \u201cWe have not just announced the subsidies; the dirbursement are underway and the process had begun on Saturday,\u201d Aurangzeb highlighted.<\/p>\n\n\n\n The minister noted that \u201cvery constructive suggestions\u201d had come from the treasury and opposition benches.<\/p>\n\n\n\n \u201cWhile we should hope for the best, we have to plan for the worst and hope is not a strategy,\u201d he remarked.<\/p>\n\n\n\n Speaking on the NA floor before Aurangzeb, PPP\u2019s Sharmila Faruqui decried the recent hikes in petroleum prices.<\/p>\n\n\n\n She said that the briefing<\/a> given by Petroleum Minister Ali Pervaiz Malik before the NA on Monday on the increase in oil prices was not satisfactory and he was \u201cunconvincing\u201d.<\/p>\n\n\n\n Since the February 28 strikes by the US and Israel on Iran triggered the war and pushed up global oil prices, fuel prices in Pakistan have reached record highs.<\/p>\n\n\n\n In two<\/u><\/a> major hikes<\/u><\/a>, petrol prices have risen from Rs266.17 to Rs378<\/u><\/a> \u2014 after a partial reduction<\/u><\/a> in a recent hike \u2014 while those of high-speed diesel have surged from Rs280.86 to Rs520.35.<\/p>\n\n\n\n In her speech, Faruqui claimed Pakistan was the first country in the region to increase oil prices.<\/p>\n\n\n\n The PPP leader referred to recent addresses<\/a> by PM Shehbaz and the April 2 press conference<\/a> by three ministers on the issue of oil prices, saying they showed a lack of consistency in the government\u2019s policies and decisions.<\/p>\n\n\n\n Faruqui noted that in his speeches, PM Shehbaz kept on insisting that prices would not be raised and their impact would not be transferred to the people, but then ministers held a press conference and suddenly prices were increased twice.<\/p>\n\n\n\n She suggested that the government hire the services of some consultants in order to have consistent policies, highlighting that no one knew how long the economic crisis<\/a> stemming from the Middle East conflict would last.<\/p>\n\n\n\n The PPP MNA noted there was a tax of Rs131 per litre on petrol.<\/p>\n\n\n\n \u201cWhat, after all, is this government\u2019s policy? How does it plan to move forward? The price of diesel is also the highest in the region,\u201d she said.<\/p>\n\n\n\n Faruqui added that people were asking them how they were supposed to make ends meet.<\/p>\n\n\n\n She contended that the government talked about motorcyclists only, without realising there were other people being affected too.<\/p>\n\n\n\n The PPP leader remarked that even she hesitated while buying petrol, wondering what the situation would be for ordinary people and those with small vehicles.<\/p>\n\n\n\n The government should reduce the profit margins of petroleum companies and formulate a comprehensive strategy, the PPP lawmaker suggested.<\/p>\n\n\n\n Meanwhile, Javed Hanif of Muttahida Qaumi Movement-Pakistan (MQM-P) demanded that the NA should be given a comprehensive briefing on the possible fallout of the ongoing regional situation so that they can formulate future policies and decisions.<\/p>\n\n\n\n Taking part in the debate, Hanif demanded that Deputy PM and Foreign Minister Ishaq Dar, Defence Minister Khawaja Asif, Aurangzeb, and a team of security officials should brief the house on the Middle East conflict and its possible implications for Pakistan.<\/p>\n\n\n\n He appreciated Pakistan\u2019s role and its mediatory efforts<\/a>, saying that everyone was trusting Pakistan and its stature has increased.<\/p>\n\n\n\n However, the MQM-P leader said, they should be ready for the situation if these efforts remained fruitless.<\/p>\n\n\n\n He regretted that they were discussing the petroleum prices, which he termed a very trivial matter in the whole crisis. He contended that the entire architecture of the region could change in the future and they were only discussing oil prices.<\/p>\n\n\n\n \u201cWhat if the US acts on its threat?\u201d Hanif asked in an apparent reference to the US president\u2019s threats to wipe out Iran. He cautioned that if it happened, then the statehood in Iran would come to an end.<\/p>\n\n\n\n He observed that if Iran retaliated, then the economic system of the Gulf countries would collapse, which could cause serious financial problems for Pakistan.<\/p>\n\n\n\n \u201cWhat will happen with our remittances that are sent by some five million Pakistanis?\u201d Hanif asked.<\/p>\n\n\n\n The MQM-P lawmaker stressed the need to consider what would happen to national unity, keeping in view the emotional attachment of Pakistanis during the crisis.<\/p>\n\n\n\n He was of the view that these issues were more serious than the issue of petroleum prices, which they had been discussing for the last few days.<\/p>\n\n\n\n Separately, National Assembly Opposition Leader Mahmood Khan Achakzai suggested the formation of a \u201cnational government\u201d to build consensus among the country\u2019s political parties.<\/p>\n\n\n\n Speaking in the NA during a debate on the Iran situation, Achakzai said, \u201cWe should agree on some democratic points at least \u2014 Parliament will be the source of power, supremacy of the Constitution, policies will originate from here.\u201d<\/p>\n\n\n\n Stating that the time had passed when they used to blame each other for mistakes, the opposition leader said, \u201cWe will have to move toward a national government.\u201d<\/p>\n\n\n\n \u201cWe will have to agree on some points. We will have to ask the establishment to give some space,\u201d he said.<\/p>\n\n\n\n Pointing out a \u201cmost dangerous\u201d concern, Achakzai noted that several key politicians, including President Asif Ali Zardari, Prime Minister Shehbaz Sharif and PML-N President Nawaz Sharif, were now of old age.<\/p>\n\n\n\n \u201cGod forbid, if these four to five people are not here anymore, the remaining would not be able to do anything,\u201d he added.<\/p>\n\n\n\n He called for key politicians, including Zardari, Nawaz, Shehbaz and Imran Khan, to come to the table to discuss national issues.<\/p>\n\n\n\n The country, Achakzai said, could only move forward through \u201ccollective wisdom\u201d.<\/p>\n\n\n\n He maintained that the \u201cestablishment\u201d tried to break PTI founder Imran Khan but failed. Achakzai warned of resistance if there was any effort from \u201cwithin the party or the rulers\u201d to sideline Imran.<\/p>\n\n\n\n \u201cDue to our own mistakes, this system is not functional anymore,\u201d claimed Achakzai, also the head of the opposition alliance Tehreek-i-Tahafuz-i-Ayin-i-Pakistan (TTAP).<\/p>\n\n\n\n \u201cThis system has collapsed; whatever happened after the 2024 elections,\u201d he claimed, referring to the PML-N-led coalition government<\/a> formed after the Feb 8, 2024, general elections<\/a>.<\/p>\n\n\n\n The opposition leader also pointed out the absence of PM Shehbaz from the house. \u201cShehbaz Sharif is not here; otherwise, I would have spoken to him,\u201d he said.<\/p>\n\n\n\n Lashing out at United States President Donald Trump, Achakzai said one individual wanted to push the entire world into war.<\/p>\n\n\n\n He added that the US trusted Pakistan and it should take advantage of that. The opposition leader further said that Afghanistan had been Pakistan\u2019s ally and would remain so.<\/p>\n\n\n\n Achakzai suggested that there should be no adjournments and the session should be held continuously, with everyone allowed to speak.<\/p>\n","protected":false},"excerpt":{"rendered":" ISLAMABAD(National Times)- Finance Minister Muhammad Aurangzeb on Tuesday said the ongoing conflict sparked by the US-Israeli war on Iran has not adversely impacted Pakistan\u2019s remittances from the Middle East. \u201cSome members spoke of remittances, which is true. [However,] thankfully, there has been no impact on remittances as of yet,\u201d Aurangzeb said while speaking on the […]<\/p>\n","protected":false},"author":2,"featured_media":123841,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":["post-123839","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-latest_news","entry"],"yoast_head":"\n<\/a>PPP\u2019s Sharmila Faruqui decries fuel price hike<\/h2>\n\n\n\n
<\/a>MQM-P calls for briefing on regional situation<\/h2>\n\n\n\n
<\/a>Achakzai suggests formation of \u2018national govt\u2019<\/h1>\n\n\n\n