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ISLAMABAD: President Dr Arif Alvi on Thursday approved the Finance (Supplementary) Bill, also known as the mini-budget, believed to be pivotal to unlock the next tranche of the International Monetary Fund (IMF) loan program.
The Prime Minister Secretariat sent the bill to the President Secretariat on Wednesday evening for assent, two days after it was passed by the National Assembly. In a statement, the President House said that the approval was given in accordance with Article 75 of the Constitution.
The bill envisages additional taxes and duties of Rs170 billion to meet the conditions of the International Monetary Fund (IMF) for the revival of the Extended Fund Facility (EFF) stalled for months. Following the approval, sales tax will rise to 18% on normal goods and 25% on luxury goods. Moreover, taxes on air tickets will be revised upward and cigarettes will be costlier.
According to Finance Minister Ishaq Dar, the new revenue measures will not affect the poor segments of society.
On Tuesday, Minister of State for Finance Aisha Ghaus Pasha stated that almost all the prior actions of the IMF have been fulfilled and the staff-level agreement is expected anytime.
She said that the subsidies received by the rich class are being removed and would be provided only to the poor.
The minister further stated that the country has fulfilled almost all the prior actions of the IMF and was optimistic about the staff-level agreement anytime soon.
Meanwhile, Dar said on Wednesday that formalities have been completed Board of China Development Bank and it has approved the facility of $700 million for Pakistan.
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