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Govt tables mini-budget 2023 to unlock $1.1bn IMF loan

The government tabled the mini-budget 2023 to unlock a $1.1bn IMF loan on Wednesday!

Minister for Finance and Revenue Senator Ishaq Dar introduced the Finance (Supplementary) Bill 2023 or the “mini-budget” in the National Assembly and Senate.

The bill is aimed at the government seeking to fulfil the prerequisites for unlocking the $1.1 billion International Monetary Fund (IMF) loan tranche.

The “mini-budget” proposes:

  • Increase in GST on luxury items from 17% to 25%
  • FED on business and first-class air tickets be increased to Rs20,000 or 50% — whichever is higher
  • 10% withholding adjustable advance income tax to be imposed on marriage halls
  • Increase in FED on cigarettes, soft and sugary drinks 
  • FED on cement to be raised from Rs1.5 kg to Rs2 kg
  • Increase in GST from standard 17% to 18%
  • GST to not be imposed on essential goods — wheat, rice, milk, pulses, vegetables, fruits, fish, eggs, meat
  • BISP stipend to be increased; govt to allocate Rs400 billion for programme

While addressing the lower house of parliament, Ishaq Dar compared the performance of the previous PML-N and PTI governments.

The federal minister said that during former prime minister Nawaz Sharif’s tenure, the GDP per capita increased while the Pakistan Stock Exchange’s (PSX) market capitalisation was $100 billion.

However, the PSX’s market capitalisation declined to $26bn during the PTI government, he said, adding that the decrease showed a lack of investor confidence in the previous government.

 

Saman Siddiqui

I am a freelance journalist, holding a Master’s Degree in Mass Communication and an MS in Peace and Conflict Studies, associated with the electronic media industry since 2006 in various capacities. Here at OyeYeah, I cover a range of genres, from journalism to fiction to fashion, including reviews, and fact findings. 

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