ISLAMABAD: In a bid to get clearance in the sixth review of the $6 billion Extended Fund Facility (EFF) by the International Monetary Fund’s (IMF) executive board on Jan 12, the government has decided to table the amended finance and SBP autonomy bills in Parliament for approval on December 28, said sources within Finance Department Sunday.
The IMF has demanded Pakistani authorities seek parliamentary approval for the passage of the Tax Laws (Fourth) Amendment Bill and SBP’s Autonomy Bill.
Sources privy to the matter said that a $1 billion tranche depends on the passage of the bills.
Meanwhile, Prime Minister's Adviser on Finance Shaukat Tarin reiterated Pakistan's plan to fulfill the conditions imposed by the IMF as prior action before the sixth review on January 12.
He said a tax exemption of Rs350 billion will be withdrawn through the mini-budget.
Earlier, the finance ministry had confirmed the date for the sixth review.
Sources said that since the IMF has demanded to get parliamentary approval for the bills, it will not be passed through a presidential ordinance.
The government had recently retracted the mini-budget, including the Tax Laws (Fourth) Amendment Bill, for the time being from the federal cabinet after the IMF staff turned down the government's proposal that it would present the budget through a presidential ordinance.
A report published by The News stated that officials, who represented the Pakistan government in the talks, said that the IMF imposed a condition that Pakistan seeks parliament approval as prior actions before placing its request for completion of the sixth review and release of $1 billion tranche before the Fund’s Executive Board.
'Currency devaluation due to economic growth makes Pakistan approach IMF for loans'
Last week, Prime Minister Imran Khan had said that as Pakistan started achieving economic growth, the current account got disturbed owing to the import of machinery which ultimately devalued the local currency and made the country approach IMF for loans.
The country can only come out of this cycle unless it boosts its exports and allows wealth creation, he had added.
The premier was addressing the inauguration ceremony of Lahore Technopolis, a special technology zone.
ATC grants relief to PTI founder's wife in cases related to November protest
Man exposes himself to female polio worker in Karachi’s Surjani Town
NA Speaker Ayaz Sadiq has contacted PM Shehbaz regarding formation of negotiation committee, says PML-N leader
Justice Mandokhail expresses displeasure over performance of the state institutions
Premier's orders come after Greek boat tragedy in which 40 Pakistani nationals suspected to be dead
Court says pleas became “infructuous” after indictment of accused in the case