The federal government is set to present the Finance (Supplementary) Bill 2021 and State Bank of Pakistan (SBP) (Amendment) Bill 2021 in the parliament shortly as the cabinet approved both bills earlier today.
Taking to Twitter, Federal Minister for Information and Broadcasting (MoIB), Fawad Chaudhry, penned that the federal cabinet has granted assent to Finance (Supplementary) Bill 2021 that will now be introduced in the parliament for approval.
کابینہ نے فنانس بل کی منظوری دے دی ہے، اب یہ بل قومی اسمبلی کے اجلاس میں پیش کیا جائیگا۔ https://t.co/S5skxZfxQf
— Ch Fawad Hussain (@fawadchaudhry) December 30, 2021
Note that the federal government had originally planned to table the Finance (Supplementary) Bill 2021 and State Bank of Pakistan (SBP) (Amendment) Bill 2021 in the parliament on Wednesday. However, the cabinet agreed to delay its introduction in the parliament till Thursday as some members called for more discussion on the bill.
Finance Minister Shaukat Tarin will present the Finance (Supplementary) Bill 2021 and State Bank of Pakistan (SBP) (Amendment) Bill 2021 which will reportedly withdraw tax exemptions of Rs. 350 billion, putting an additional burden on the public already struggling to make ends meet.
This development comes before the meeting of the International Monetary Fund’s (IMF) executive board scheduled for 12 January 2022 which is expected to approve the sixth review of the $6 billion Extended Fund Facility (EFF) for Pakistan. The approval will allow the government to receive the $1 billion loan tranche from the IMF.
Earlier this month, the IMF had demanded from the federal government to ensure the Finance (Supplementary) Bill 2021 and State Bank of Pakistan (SBP) (Amendment) Bill 2021 receive parliamentary approval before the executive board’s meeting.
Meanwhile, the opposition has geared up to give a tough time to the treasury benches today as it has termed the amendments proposed in the Finance (Supplementary) Bill 2021 and State Bank of Pakistan (SBP) (Amendment) Bill 2021 as the agenda of the IMF.
