BUDGET

All set to introduce Finance Bill and State Bank autonomy bill in Parliament tomorrow

The government is all set to introduce the amended Finance bill, and State Bank of Pakistan (SBP) autonomy bills in Parliament for approval tomorrow (Tuesday) despite resistance by opposition.

Both the bills are being introduced in parliament for approval before the sixth review of the $6 billion Extended Fund Facility (EFF) by the International Monetary Fund’s (IMF) on January 12, 2022.

The opposition parties have vowed to resist the government move to grant autonomy to the State Bank of Pakistan (SBP) aimed at targeting inflation rather than economic growth, calling it an agenda of the International Monetary Fund (IMF).

The IMF has demanded Pakistani authorities seek parliamentary approval for the passage of the Tax Laws (Fourth) Amendment Bill and SBP’s Autonomy Bill. Meanwhile, Prime Minister’s Adviser on Finance Shaukat Tarin reiterated Pakistan’s plan to fulfil the conditions imposed by IMF as prior action before the sixth review on January 12. He said a tax exemption of Rs350 billion will be withdrawn through the mini-budget.

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