Islamabad: Federal Minister for Finance and Revenue Miftah Ismail said that the budget for the fiscal year 2022-2023 would be wrapped up tomorrow (Friday) after he delivers the concluding speech at the national assembly.
Miftah Ismail and Federal Minister Marriyum Aurangzeb addressed a press conference in Islamabad on Thursday, during which the finance minister said that the deal with the International Monetary Fund (IMF) over budgetary measures had been completed.
Talking about the new measurements included in the budget after agreeing on IMF’s demand of increasing the target of the FBR, the finance minister said that the coalition government this time has imposed taxes on the rich. He said that another 1 per cent supertax would be imposed on people earning more than Rs150 million, 2 per cent on an income of more than Rs200 million, 3 per cent on people earning more than Rs250 million and 4 per cent on an income of more than Rs300 million for a year.
Lashing out at the former Imran-led government, the finance minister said that by rising the petroleum prices, they saved the country from bankruptcy.
He added that Pakistan’s debt since the country’s founding had climbed by 80 per cent during the PTI administration, noting that the previous administration had achieved four of the highest budget deficits ever.
Talking about the $2.3b loan pact with China, Miftah Ismail hoped that the amount would be transferred by tomorrow.
Read: $2.3b loan pact with Chinese consortium signed: Miftah
Pak-IMF talks
It is pertinent to mention that a breakthrough was achieved in the Pak-IMF talks on Tuesday, as both sides agreed to increase the FBR target of tax collection by Rs $438 billion and cut down on proposed expenditures in the budget 2022-2023 “to achieve revenue surplus in the next fiscal year”.
As the talks are underway between Pakistan and the Fund for the revival of the stalled Extended Fund Facility (EFF), the government complied with the IMF’s demands and agreed to impose a tax of Rs 1,200 on individuals earning between Rs 50,000 and Rs 100,000 in annual income.
Read: Breakthrough in Pak-IMF talks
IMF to share staff-level agreement with Pakistan on Friday
The International Monetary Fund will release a handout on Friday detailing a staff-level agreement reached with Pakistan following successful talks over budgetary estimates and other financial policies.
According to IMF officials, talks are underway between the Fund and the Pakistan government, and both sides have agreed to budgetary estimates for the next fiscal year.
Read: IMF to share staff-level agreement with Pakistan tomorrow
