PML-N leader and former finance minister Miftah Ismail on Friday said that after the government’s unveiling of the SBP Amendment Bill in the National Assembly on Thursday, the State Bank of Pakistan has “now become the State Bank of IMF”.
Miftah, addressing a press conference alongside PML-N leader Musaddik Malik, said the government was “completely reliant” on the international money lender for its policies.
“State Bank is now a higher authority than the parliament […] we are not against the State Bank’s autonomy, but now, there will be no oversight of the fiscal and monetary policy,” Ismail said.
The PML-N leader said the government will not be able to borrow loans from the central bank now, as he lashed out at Prime Minister Imran Khan for “surrendering before the IMF”.
“Even if a flood hits the country, the government cannot take loans from SBP,” he said. The former finance minister also noted that now the parliament can no longer circulate summaries without the “IMF State Bank’s” approval.
On the Finance (Supplementary) Bill 2021, Ismail said inflation will surge in the country as the government had introduced a wide-range of taxes on edible and commonly used items.
“If the country receives a donation, it will also be taxed […] only Toshakhana gifts and the air we breathe will not be taxed,” the PML-N leader said.
The government has proposed taxes on solar panels, canola oil seeds, irrigation items, bread, raw materials of medicines, wheat, spices, mobile phones, laptops, and other items, the PML-N leader said, noting that further taxes worth Rs300 billion have been proposed.
