The federal government will present a Rs350 billion mini-budget, which traders and government critics worry would trigger a new round of inflation in the country.
Today at noon, Prime Minister Imran Khan has called a federal cabinet meeting to endorse the mini-budget. The federal cabinet, which will be chaired by Prime Minister Imran Khan, will pass the Finance (Supplementary) Bill 2021.
The Finance Amendment Bill 2021 will be presented straight to the National Assembly later as part of the government’s bid to obtain the $6 billion IMF package.
PM Khan will host a meeting of the PTI’s parliamentary party members to discuss the mini-budget.
According to sources, following the ratification of the mini-budget, prices of many commodities, including power, gas, and petroleum goods, will rise due to the International Monetary Fund’s (IMF) strict conditions.
According to sources, the mini-budget will hike taxes and charges on more than 1,700 products, including all imported and luxury items, in addition to rolling back subsidies worth Rs350 billion.
Meanwhile, Fawad Chaudhry, the Federal Information Minister, said yesterday’s federal cabinet meeting had to be canceled due to the lack of a National Assembly session at the time. He went on to say that after the government has approved a bill, it must proceed immediately to the lower house.
According to the minister, neither Treasury members nor the government’s allies have any issues with the mini-budget. In response to a query on the IMF’s stringent criteria, Fawad Chaudhry said the Fund’s previous Rs700 billion worth of demands have been reduced, which is a relief, and power bills have already been modified.
“As a result, I believe the mini-budget will go smoothly and restore market confidence,” he hoped.
Fawad Chaudhry, responding to a query on the government’s role in bringing Nawaz Sharif back to Pakistan, said it is up to the judges of the Lahore High Court (LHC), who accepted Shahbaz Sharif’s affidavit, to take action against him.
He also stated that the Centre is moving the LHC for this reason and that the LHC should have taken a suo motu notice of the matter because Shahbaz failed to keep his promise to the court, in which he promised to “secure the return” of his brother.
Furthermore, once a legal deal with the UK government is struck, it will be simple for Pakistan to repatriate Nawaz Sharif.
“Shahbaz Sharif will have to go to jail in Nawaz Sharif’s place if he does not return to Pakistan,” he said.
