ISLAMABAD: In order to restore the International Monetary Fund’s (IMF) Tranche, Pakistan seems ready to comply with the fund’s conditions and a mini-budget full of taxes is expected.
The budget of Rs150 billion has been prepared and presented after a presidential ordinance was promulgated.
According to a report by Capital TV, sources said, “A flood levy will be imposed on imports through the mini-budget.”
“The flood levy will be imposed on raw materials and finished goods,” say sources.
“By the ordinance, the government is also willing to impose a 3% flood levy on imported luxury items and convert 0% custom tax into 1%,” claimed sources.
Sources privy to the information also expect a flood levy to be imposed on a local level on the foreign exchange profits of banks.
The budget has been prepared, the Finance Minister has briefed the mini-budget to the Premier, and the government has also taken the IMF into confidence regarding the budget.
Two days before, the Prime Minister chaired a meeting to discuss economic issues, which discussed banking sector reforms and considered ways to control inflation.
Ishaq Dar, Ahsan Iqbal, and others were part of the meeting which examined the depreciation of the rupee.
The Prime Minister has reinstalled the duty to resolve the issues as soon as possible.
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