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Government to Introduce Supplementary Budget Following Staff-level Agreement

Islamabad: According to press reports, Shaukat Tarin, the prime minister’s financial advisor, announced the creation of a supplemental budget to satisfy IMF standards. The declaration followed a staff-level agreement between the government and IMF about the USD 6 billion Extended Fund Facility (EFF).

The budget will include a net fiscal adjustment of more than PKR 550 billion for the remaining fiscal year 2021–2022, according to the press release (FY22).

The government, according to him, has agreed to five changes, including a 22% reduction in development funds worth approximately PKR 200 billion, an increase in the general sales tax target of PKR 300 billion, a PKR 4 per liter tax on gasoline, and an audit of the Covid-19 funds and the disclosure of their beneficial owner.

The adviser also mentioned that the government would submit a bill to parliament asking for State Bank of Pakistan’s (SBP) autonomy in regard to monetary policy, exchange rates, and hiring decisions; nevertheless, the SBP will continue to be accountable to parliament.

Read: List of Banks That Provide House Loans in Pakistan

The adviser added that the Federal Board of Revenue (FBR), which has already collected PKR 225 billion in the first four months of FY22, will increase the government’s annual revenue tax projections from PKR 5.8 trillion to PKR 6.1 trillion.

It is important to note that Pakistan will receive USD 1.059 billion following the modification of tax objectives and fiscal measures, increasing the total amount of EFF disbursements to around USD 3.027 billion.

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