Pakistan to review ‘disproportionate’ tax burden on salaried class in upcoming budget— finance minister

ISLAMABAD: Prime Minister Shehbaz Sharif is scheduled to visit Azerbaijan at the beginning of next week, the foreign office said on Saturday, to discuss enhanced bilateral cooperation in areas like defense, trade and energy.
The visit comes as part of Pakistan’s broader economic diplomacy with landlocked Central Asian states, to which it has offered access to its southern ports in Karachi and Gwadar for international trade.
Pakistan’s economic engagement with Azerbaijan has also gained momentum more recently. Last year in July, the top leaders of both countries discussed investment and trade projects worth $2 billion during Azerbaijani President Ilham Aliyev’s state visit to Pakistan.
“At the invitation of President of Azerbaijan, Ilham Aliyev, Prime Minister Muhammad Shehbaz Sharif will pay a two-day state visit to the Republic of Azerbaijan from 24-25 February 2025,” the foreign office said in its statement, pointing out it would be Sharif’s second visit to the Central Asian state since assuming office last year.
“During the visit, the two sides will engage in wide-ranging discussions on areas of mutual interest in order to further strengthen bilateral cooperation, particularly in energy, trade, defense, education and climate sectors,” the statement continued.
The foreign office added that several agreements and memoranda of understanding were expected to be signed in multiple areas of cooperation during the visit.
Pakistan was among the first nations to recognize Azerbaijan’s independence in the early 1990s, though their ties have strengthened significantly in recent years. In September last year, Pakistan signed a contract to supply JF-17 Block III fighter jets to Azerbaijan, highlighting their deepening defense cooperation.
Beyond government-level collaboration, people-to-people exchanges between the two nations have also increased, with a growing number of Pakistanis traveling to Azerbaijan for tourism and business.
Sharif will be accompanied by a high-level delegation, including Deputy Prime Minister Ishaq Dar and other key cabinet members.
 

ISLAMABAD: Federal Minister for Finance and Revenue Muhammad Aurangzeb said on Saturday the government would take strict action against people involved in hoarding, whose actions drive up the cost of essential food commodities every year during the Muslim fasting month of Ramadan.
The minister made the comment while addressing the business community in Faisalabad, a major industrial hub of the country, assuring them that the national economy was moving in the right direction after undergoing a prolonged crisis.
He maintained a reduction in the policy rate, along with steps that have improved macroeconomic indicators, including an overall decrease in inflation, had benefited business owners.
Aurangzeb said all the hard work done on the economy should ultimately benefit the common citizen, adding it was important for that purpose to keep the prices of essential items from spiraling unnecessarily.
“We monitor commodity prices very closely during the ECC meetings,” he said, referring to the Economic Coordination Committee, a principal federal institution responsible for key economic decisions. “We observed a few weeks ago that domestic prices of sugar, ghee and oil were rising even as their international prices were declining.”
“In anticipation of Ramzan, we start getting into this hoarding mentality, which is most unfortunate,” he continued. “We will take very, very strict action against these elements.”
The minister warned the government would take all necessary administrative steps to “prevent the arbitrage” during the holy month.
Food prices in Pakistan often rise in Ramadan due to several factors, including increased demand and supply chain inefficiencies. However, a major issue is hoarding and speculative pricing by traders, which artificially inflates prices to maximize profits during the holy month.
Aurangzeb said this would not be tolerated, adding that sugar and other essential item prices would be strictly controlled as Ramadan approaches in the coming days.