The National Parliament approved the Finance (Supplemental) Bill, 2023 on Monday, proposing Rs. 170 billion in new taxes and tariffs, opening the way for the staff-level agreement with the International Monetary Fund (IMF).
When the bill’s debate came to a close, Finance Minister Ishaq Dar said that although the government understands people’s concerns about growing inflation, it is forced to take difficult steps to rebuild the economy.
The finance minister said that the government has budgeted an extra Rs. 40 billion for the Benazir Income Support Programme (BISP), which would raise the stipend of BISP participants.
In terms of austerity measures, the minister said that the prime minister would shortly present a comprehensive agenda to cut government spending. All of the amendments proposed by the opposition were rejected by the House.