The federal government will present the mini-budget worth Rs350 billion today that will cause what traders and critics of the government fear, a renewed wave of inflation in the country, Geo News reported Thursday.
Prime Minister Imran Khan summoned a meeting of the federal cabinet that will approve the mini-budget at noon today. The federal cabinet, with PM Imran Khan in the chair, will give a go-ahead to the Finance (Supplementary) Bill 2021.
Later, the Finance Amendment Bill 2021 will directly be presented in the National Assembly as part of the government’s effort to get the IMF package worth $6 billion.
Earlier, PM Khan will chair a meeting of the members of the PTI’s parliamentary party who will be briefed on the mini-budget.
Following the passage of the mini-budget, prices of several commodities, including power, gas and petroleum products, will hike owing to the tough conditions of the International Monetary Fund (IMF), according to sources.
Besides rolling back subsidies worth Rs350 billion, taxes and duties on more than 1,700 items will also be increased in the mini-budget, said sources, adding that taxes on all imported and luxury items will be increased.
