Chairman Standing Committee on Finance and Revenue, Hon. Syed Naveed Qamar, observed that continued reliance on indirect taxation and petroleum levies instead of sustainable tax-base expansion remains a serious concern.
Syed Naveed Qamar also expressed concern over the growing burden of circular debt, the slow pace of reforms in state-owned enterprises, and the rising socioeconomic pressures caused by inflation, unemployment, and poverty.
The Chairman further noted the delay in the circulation of the Budget Strategy Paper and observed that the Ministry of Finance was legally bound under the Public Finance Management Act, 2019, to circulate the document in a timely manner to ensure meaningful parliamentary scrutiny ahead of the budget session.
He made these observations while chairing a meeting of the Standing Committee on Finance and Revenue held today at Parliament House, Islamabad. The meeting conducted a detailed review of Pakistan’s macroeconomic outlook and fiscal priorities for Budget FY2026–27, with particular focus on emerging economic risks, IMF programme performance, and structural reform requirements.
During the briefing, the Committee was informed that Pakistan remains on a “fragile stabilization path” despite signs of gradual economic recovery. GDP growth for FY2026–27 is projected between 3.5% and 4.5%, while inflation has once again entered double digits, reaching 10.9% year-on-year in April 2026.
Independent experts informed the Committee that Pakistan’s total foreign exchange reserves currently stand at $22.58 billion, providing approximately 2.58 months of import cover. The State Bank of Pakistan’s policy rate presently stands at 11.5%, following cumulative cuts of 1,200 basis points since June 2024. FBR tax collection in Q3 reached Rs9.304 trillion, reflecting a shortfall of Rs611 billion against targets. Pakistan’s gross public debt stands at Rs83.28 trillion, while external debt has reached $137.56 billion. Circular debt has climbed to nearly Rs5 trillion across the power and gas sectors. The trade deficit widened to $32.19 billion during July–April FY2025–26 due to weak export performance and rising imports. Meanwhile, remittance inflows remained strong at $33.86 billion during July 2025–April 2026, with projections for FY2026 estimated at $41.2 billion.
The presentation further highlighted that Pakistan sources nearly 90% of its energy imports from the Middle East, making the economy highly vulnerable to regional geopolitical instability and oil price shocks. The Committee was informed that any prolonged regional conflict could significantly increase inflation, widen the current account deficit, and place renewed pressure on the exchange rate.
The Hon. Chairman reiterated that the Federal Board of Revenue has consistently failed to meet collection targets despite repeated taxation measures imposed on existing taxpayers. He emphasized the urgent need for broadening the tax base through sustainable and equitable reforms instead of increasing the burden on already documented sectors of the economy.
Hon. Members of the Committee observed that provincial fiscal surpluses are disproportionately supporting federal IMF compliance targets. They further noted that development expenditure continues to remain compressed in favour of current expenditure and debt servicing, while Pakistan’s export sector continues to underperform compared to regional economies.
The Committee also emphasized that excessive taxation on digital connectivity and telecom services is restricting digital inclusion, freelancing opportunities, and broader economic participation, particularly among youth and low-income groups.
@naveedqamarmna
The National Assembly Standing Committee on Finance and Revenue met under the Chairmanship of Syed NaveedQamar, MNA at Parliament House today.
@NAofPakistan@naveedqamarmna#NACommittee
At the moment, Pakistan has demonstrated that we are a bridge builder within the region, and internationallly. Historically also, we have played this role as a bridge in the past with the United States and China when they were establishing democratic relations. And in the current context of this conflict, I’m particularly proud of Pakistan’s leadership - Chairman @BBhuttoZardari in an interview with @AsiaOne_News
28ویں ترمیم۔۔ ملاقاتیں تیز۔۔ ایک طرف بلاول دوسری طرف مولانا۔۔وزیر اعظم بھی اِن۔۔ سید نوید قمر نے اندرونی کہانی بتا دی
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It's an honor to extend my warmest congratulations to Hon. @naveedqamarmna on his unopposed re-election as President of @PGAction
This remarkable achievement is a testament to his outstanding leadership and dedication to the @PGAction mission.
I extend my heartfelt congratulations to Syed Naveed Qamar on being elected unopposed as President of Parliamentarians for Global Action for a two-year term. This unanimous trust is a testament to his experience, leadership, and commitment to democratic values. I am confident that under his stewardship, the organization will continue to advance global cooperation, human rights, and parliamentary diplomacy.
I wish him great success in this important role.
@PGAction
Mr. Syed Naveed Qamar, member of the National Assembly of Pakistan and President of the Parliamentarians for Global Action (@PGAction), emphasized the importance of training legislators to meet the challenges of implementing and managing tools for continuous... (1/3)
Speaker National Assembly Sardar Ayaz Sadiq felicitated MNA Syed Naveed Qamar on his unopposed re-election as president of Parliamentarians for Global Action (PGA) for a second term.
Sardar Ayaz Sadiq said that Syed Naveed Qamar’s consecutive election to lead the international parliamentary forum reflected the strong confidence of global parliamentarians in his leadership. He said that Syed Naveed Qamar is a seasoned and experienced parliamentarian who had played a key role in advancing the objectives of the organisation during his tenure. He also acknowledged his contributions towards the promotion of human rights, democracy and the rule of law.
Speaker National Assembly expressed confidence that under Syed Naveed Qamar’s continued leadership, the forum would further strengthen global parliamentary cooperation and accelerate progress on key international issues.
He said Syed Naveed Qamar’s re-election was a matter of pride for Pakistan and a reflection of the country’s effective and constructive role in parliamentary diplomacy at the international level.
@AyazSadiq122@appcsocialmedia@PTVNewsOfficial@naveedqamarmna@PGAction
اسپیکر قومی اسمبلی سردار ایاز صادق نے رکن قومی اسمبلی سید نوید قمر کو دوسری مرتبہ پارلیمنٹرینز فار گلوبل ایکشن کا بلا مقابلہ صدر منتخب ہونے پر دلی مبارکباد پیش کی ہے۔ اسپیکر قومی اسمبلی نے کہا کہ مسلسل دوسری بار اس اہم عالمی پارلیمانی فورم کا صدر منتخب ہونا، سید نوید قمر کی قیادت پر عالمی اراکینِ پارلیمنٹ کے بھرپور اعتماد کا مظہر ہے۔انہوں نے کہا کہ سید نوید قمر ایک زیرک، مدبر اور تجربہ کار پارلیمنٹرین ہیں، جنہوں نے اپنے دورِ صدارت میں پارلیمنٹرینز فار گلوبل ایکشن کے مقاصد کے فروغ میں کلیدی کردار ادا کیا۔ انہوں نے انسانی حقوق، جمہوریت اور قانون کی بالادستی کے لیے نمایاں خدمات انجام دیں۔
اسپیکر قومی اسمبلی نے اس امید کا اظہار کیا کہ سید نوید قمر کی دوبارہ قیادت میں یہ فورم عالمی سطح پر پارلیمانی تعاون کو مزید مستحکم کرے گا اور اہم بین الاقوامی امور پر پیش رفت میں مزید تیزی آئے گی۔ اسپیکر قومی اسمبلی نے کہا کہ سید نوید قمر کی کامیابی پاکستان کے لیے باعثِ فخر ہے اور یہ اس بات کا ثبوت ہے کہ پاکستان عالمی سطح پر پارلیمانی سفارت کاری میں مؤثر اور مثبت کردار ادا کر رہا ہے۔
سید نوید قمر کو پارلیمنٹرینز فار گلوبل ایکشن کا مسلسل دوسری مرتبہ بلا مقابلہ صدر منتخب ہونے پر دلی مبارکباد پیش کرتا ہوں دراصل پورے پاکستان کے لیے اعزاز کی بات ہے۔
سید نوید قمر کا دوبارہ اس اہم عالمی پارلیمانی فورم کا صدر منتخب ہونا ان کی بصیرت، تجربے اور قیادت پر عالمی اعتماد کا واضح ثبوت ہے۔ انہوں نے نہ صرف انسانی حقوق، جمہوریت اور قانون کی حکمرانی کے فروغ میں نمایاں کردار ادا کیا بلکہ پاکستان کا مثبت تشخص بھی عالمی سطح پر اجاگر کیا۔
یہ کامیابی اس بات کی علامت ہے کہ پاکستان کی پارلیمانی قیادت عالمی سطح پر موثر، باوقار اور فعال کردار ادا کر رہی ہے۔ امید ہے کہ سید نوید قمر اپنی قیادت میں عالمی پارلیمانی تعاون کو مزید مضبوط کریں گے اور بین الاقوامی سطح پر اہم پیش رفت کا باعث بنیں گے۔
پوری قوم کو اس کامیابی پر فخر
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46th annual forum of PGA and 4th consultative parliaments on Oceans. Mexico City March 26 and 27th 2026. president of senate of mexico senator Laura Itzel Castillo and Syed Naveed Qamar, president PGA presided over the opening ceremonies
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46th annual forum of PGA and 4th consultative parliaments on Oceans. Mexico City March 26 and 27th 2026. president of senate of mexico senator Laura Itzel Castillo and Syed Naveed Qamar, president PGA presided over the opening ceremonies
@naveedqamarmna
President PGA, Syed Naveed Qamar, in a one-on-one meeting with the Speaker of the Jordan Senate, discussing the evolving regional situation. Mexico, 26 March 2026
@naveedqamarmna
Today, at the Fourth Consultative Assembly of Parliamentarians for the Oceans, we celebrate the entry into force of the UN High Seas Treaty in January 2026, a shining example of successful international cooperation. #capoceans
Speaking in the National Assembly, PPP leader Naveed Qamar asked the Govt to explain as to who benefited from government move, regretting that Govt revised prices of the existing stock procured before increase in the global prices of petroleum products.
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