A meeting of the Standing Committee on Finance and Revenue was held under the chairmanship of Senator Saleem Mandviwala at Parliament House today, where the committee members reviewed the Finance Bill 2023.
Minister of State for Finance and Revenue Dr. Aisha Ghaus Pasha informed the committee that the new budget has been designed as per the framework of the International Monetary Fund (IMF).
She also praised the coalition government for saving the country from default and termed it a ‘huge success’.
Briefing the committee on requisite budget details, Pasha said the new budget includes measures to generate GDP growth and employment opportunities in the country.
She explained that tax measures worth Rs. 223 billion have been undertaken in the new budget. Recalling the promulgation of the Supplementary Finance Bill 2023 in February, the state minister said the money bill was initially implemented for four months, but the same measures will stay in effect for the full fiscal year 2023-24.
Pasha further stated that a Charter of Economy is urgently needed and asked all political stakeholders and other institutions to work together for the welfare of the country.
While talking to media persons here on Monday, the state minister said the IMF is holding regular talks with the State Bank of Pakistan on completing the 9th Review. She said the lender will not object to tax exemptions given in the next fiscal year’s budget.
The minister emphasized that the tax reforms included in the budget are targeted at bolstering production and creating job opportunities, both of which are conditions shared by the IMF.
On another note, Pasha said the government has decided to solve the pension issue. “Reforms are inevitable. Trillions of rupees are utilized as pensions. A plan of action has to be decided to effectively solve this issue,” she commented.
