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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

Saman Siddiqui, A freelance journalist with a Master’s Degree in Mass Communication and MS in Peace and Conflict Studies. Associated with the media industry since 2006. Experience in various capacities including Program Host, Researcher, News Producer, Documentary Making, Voice Over, Content Writing Copy Editing, and Blogging, and currently associated with OyeYeah since 2018, working as an Editor.

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