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Mini-budget likely to be passed in National Assembly today

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2 years ago

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  • State minister says virtual talks with IMF to also take place today.
  • Pasha rejects further delay in agreement with IMF.
  • Mini-budget has already been passed in Senate.

State Minister for Finance Aisha Ghaus Pasha Monday said the Finance (Supplementary) Bill 2023 is likely to be approved today by the National Assembly.

The minister added that the government has decided to get the mini-budget approved by the lower house today. It should be noted that it has already been approved by the Senate by a thin margin.

“Virtual discussions with the International Monetary Fund (IMF) are ongoing and talks will also take place today,” the minister said while speaking to journalists in Islamabad.

Pasha hoped for a staff-level agreement to materialise with the IMF soon. “Matters with the IMF are progressing in a positive direction. A further delay in the agreement is unlikely.”

Finance Minister Ishaq Dar tabled the bill in the National Assembly and Senate on February 15 with budget proposals presented seeking to fulfil the prerequisites for unlocking the crucial $1.1 billion IMF loan tranche which will help cushion the country’s dwindling economy.

A session of the lower house, to debate over the finance bill, was held on Friday (February 17); however, it was adjourned without voting after a brief debate on the budget proposals.

“The NA session has been adjourned to meet again on Monday, the 20th February 2023 at 5:00 pm,” it was announced on the official Twitter handle of the lower house.

Dar, while speaking to reporters after the session, said that he expects the bill to be passed in both houses by Monday or Tuesday as Senate Chairman Sadiq Sanjrani has “given us till Friday”.

Pakistan is in dire need of funds as it battles a wrenching economic crisis as the State Bank of Pakistan (SBP)-held foreign exchange reserves barely cover one month of imports.

Finance bill proposals

  • Increase in GST on luxury items from 17% to 25%
  • FED on business and first-class air tickets be increased to Rs20,000 or 50% — whichever is higher
  • 10% withholding adjustable advance income tax to be imposed on marriage halls
  • Increase in FED on cigarettes, soft and sugary drinks
  • FED on cement to be raised from Rs1.5 kg to Rs2 kg
  • Increase in GST from standard 17% to 18%
  • GST to not be imposed on essential goods — wheat, rice, milk, pulses, vegetables, fruits, fish, eggs, meat
  • BISP stipend to be increased; govt to allocate Rs400 billion for programme

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Business

Trade ties between Pak-Oman: Both nations decide to activate “Joint Business Council”.

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18 hours ago

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Jam Kamal Khan, federal minister for commerce, visited Oman Chamber of Commerce and Industry in Muscat alongside chairman Faisal Abdullah Al Rawas.

To enable closer economic collaboration, both sides decided during the meeting to activate joint Business Council between OCCI and the federation of Pakistan Chambers of Commerce and industry.

Concurrent with the conference, the Embassy of Pakistan arranged a b2b networking event in association with OCCI to gather Omani Businessmen and Pakistani Business Delegates investigating trade prospects.

Speaking on the occasion, Jam Kamal Khan said, “Our present trade figures do not fairly represent the depth of our connection. We can quickly raise the current Trade volume to two or three times its present level by just eliminating logistical and communication barriers.

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Despite economic gains, PSX remains strong.

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19 hours ago

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Amidst the ongoing negotiations with the International Monetary Fund (IMF) regarding a loan tranche, the Pakistan Stock Exchange (PSX) has resumed its upward trajectory in recent days.

The KSE-100 Index gained 600 points on Friday, the penultimate working day of the business week, and then increased to 115,730 points as traders showed confidence and engaged in trading.

After experiencing fluctuations, the PSX gained strength on Thursday, as the major index surpassed 115,000 points.

The KSE 100-Index closed at 115,094.23 points after gaining 1,009.70 points, or 0.89 percent. 115,247.39 was the intraday high, and 14,429.93 was the lowest.

According to experts, one important factor is Moody’s Ratings’ upgrade of Pakistani banks. Investor confidence has also increased due to the expectation of a positive conclusion from the negotiations with the International Monetary Fund (IMF).

In its assessment, Moody’s stated, “We have shifted our outlook on Pakistan’s banking system from stable to positive to reflect the banks’ resilient financial performance as well as improving macroeconomic conditions from very weak levels a year ago.”

The major index of the Pakistan Stock Exchange (PSX) surpassed 115,000 on Thursday, indicating a surge in the market.

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Pakistan resolves to meet benchmarks, and the IMF promises economic help.

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19 hours ago

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In the midst of an ongoing economic review, the delegation from the International Monetary Fund (IMF) has promised Pakistan economic cooperation.

In order to assess the delivery of a $1 billion tranche under the $7 billion rescue deal, IMF officials are now in Pakistan.

Today, March 14, marks the completion of the two-week-long economic review and negotiations between the global lender’s representatives and Pakistani authorities.

The team met with Finance Minister Muhammad Aurangzeb at the Ministry of Finance for the last round of negotiations.

The nation’s economic team’s actions and performance were praised by the visiting officials.

Aurangzeb promised the IMF during the conference that all economic goals would be met. He said that as long as the loan program is in place, no goals would be broken.

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