Pakistan tables 'mini-budget' in National Assembly amid growing economic crisis: Report

In the backdrop of a derailed economy, on December 30 Pakistan's National Assembly introduced a 'mini budget' which fails to solve the increasing problems caused by inflation that the Prime Minister Imran-led government is struggling to contain. At the outset, Pakistani Finance Minister Shaukat Tarin dismissed every suggestion of the new taxation regulation being inflammatory in existence. 

Tarin further refuted claims of withdrawal of tax exemptions and an increase in the sales tax rate on a large number of goods ranging from iodised salt to pharmaceutical ingredients, baby formula milk and cars and more, Dawn reported. 

However, it is argued that the inflationary impact will be somewhat milder than what was generally being anticipated. Moreover, these fiscal actions were also required to support the recent actions taken by the Pakistan State Bank in order to contain money supply in the market to limit inflation.

Also, the passage of the bill along with the State Bank of Pakistan (SBP) Act, 1956. Since then, the SBP Act has been amended several times to reflect changes to economic thought globally, including advocating for an independent role of central regulatory banks. Major revisions in the SBP Act came in 1994, 1997, 2012 and 2015.

Pakistan's return to IMF programme will allow release of $1 billion

Pakistan's return to the International Monetary Fund (IMF) programme will extract other avenues, leading to the immediate release of a $1 billion tranche from the IMF and assist the country in raising funds from the international bond market to meet its foreign payment obligations in the next six months and beyond. 

However, both bills have been introduced in Parliament amid strong pledges from the opposition parties which have termed the anti-probe and undermining national sovereignty to resist their passage, Dawn reported. 

PML-N Slams Imran Khan govt over mini-budget, says 'please have mercy, do not sell Pak'

Slamming the Imran Khan-led Pakistan Tehreek-e-Insaf (PTI) government over the mini-budget, Pakistan Muslim League-Nawaz’s (PML-N) leader Khawaja Asif said that the nation’s central bank’s control is being given to the International Monetary Fund (IMF). “Do not sell Pakistan,” Khawaja said in the National Assembly, adding that the PTI government has already allowed people to “loot” the nation for three years.

"You are giving State Bank of Pakistan's control to IMF. Please have mercy on the people of Pakistan. Do not sell Pakistan. You allowed people to loot the country for three years," the PML-N leader said.