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Mini-budget likely to be passed in National Assembly today

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  • State minister says virtual talks with IMF to also take place today.
  • Pasha rejects further delay in agreement with IMF.
  • Mini-budget has already been passed in Senate.

State Minister for Finance Aisha Ghaus Pasha Monday said the Finance (Supplementary) Bill 2023 is likely to be approved today by the National Assembly.

The minister added that the government has decided to get the mini-budget approved by the lower house today. It should be noted that it has already been approved by the Senate by a thin margin.

“Virtual discussions with the International Monetary Fund (IMF) are ongoing and talks will also take place today,” the minister said while speaking to journalists in Islamabad.

Pasha hoped for a staff-level agreement to materialise with the IMF soon. “Matters with the IMF are progressing in a positive direction. A further delay in the agreement is unlikely.”

Finance Minister Ishaq Dar tabled the bill in the National Assembly and Senate on February 15 with budget proposals presented seeking to fulfil the prerequisites for unlocking the crucial $1.1 billion IMF loan tranche which will help cushion the country’s dwindling economy.

A session of the lower house, to debate over the finance bill, was held on Friday (February 17); however, it was adjourned without voting after a brief debate on the budget proposals.

“The NA session has been adjourned to meet again on Monday, the 20th February 2023 at 5:00 pm,” it was announced on the official Twitter handle of the lower house.

Dar, while speaking to reporters after the session, said that he expects the bill to be passed in both houses by Monday or Tuesday as Senate Chairman Sadiq Sanjrani has “given us till Friday”.

Pakistan is in dire need of funds as it battles a wrenching economic crisis as the State Bank of Pakistan (SBP)-held foreign exchange reserves barely cover one month of imports.

Finance bill proposals

  • Increase in GST on luxury items from 17% to 25%
  • FED on business and first-class air tickets be increased to Rs20,000 or 50% — whichever is higher
  • 10% withholding adjustable advance income tax to be imposed on marriage halls
  • Increase in FED on cigarettes, soft and sugary drinks
  • FED on cement to be raised from Rs1.5 kg to Rs2 kg
  • Increase in GST from standard 17% to 18%
  • GST to not be imposed on essential goods — wheat, rice, milk, pulses, vegetables, fruits, fish, eggs, meat
  • BISP stipend to be increased; govt to allocate Rs400 billion for programme

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Irfan Siddiqui meets with the PM and informs him about the Senate performance of the parliamentary party.

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The head of the Senate’s Foreign Affairs Standing Committee and the PML-N’s parliamentary leader paid Prime Minister Muhammad Shehbaz Sharif a visit in Islamabad.

Senator Irfan Siddiqui gave the Prime Minister an update on the Parliamentary Party’s Senate performance.

Additionally, Senator Irfan Siddiqui gave the Prime Minister an update on the Senate Standing Committee on Foreign Affairs’ performance.

He complimented the Prime Minister on his outstanding efforts to bring Pakistan’s economy back on track and meet its economic objectives.

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Business

SIFC Increases Direct Foreign Investment: Investment in the Energy Sector Rises by 120%

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The Special Investment Facilitation Council is intended to help Pakistan’s energy sector attract $585.6 million in direct foreign investment in 2024–2025. The amount invested at the same time previous year was $266.3 million.

This is a notable 120% rise, mostly due to investments in gas exploration, oil, and power. Such expansion indicates heightened investor confidence and emphasizes the development potential in important areas.

The State Bank reports that foreign investment in other vital industries has increased by 48% to $771 million.

This advancement is a blatant testament to SIFC’s efficient investment procedure and quick project execution.

The purpose of the Special Investment Facilitation Council is to establish Pakistan as an investment hub by aggressively promoting regional trade and investment in the energy sector and other critical industries.

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Business

Discos report losses of Rs239 billion.

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When compared to the same period last year, the data indicates that discos have decreased their losses in the first quarter of the current fiscal year.

The distribution businesses recorded losses of Rs239 billion in the first three months of the current fiscal year, a substantial decrease from the Rs308 billion losses sustained during the same period the previous year.

Additionally, the distribution businesses’ rate of recovery has improved. It has increased to 91% in the first quarter of this year from 84% in the same period last year, indicating success in revenue collection.

Regarding circular debt, the Power division observed a notable change. Last year, between July and October, the circular debt grew by Rs301 billion. Nonetheless, this year’s first four months saw a relatively modest increase in circular debt, totaling about Rs11 billion.

These enhancements show promising developments in the electricity sector’s financial health in Pakistan, where initiatives are being made to accelerate recovery rates and slow the expansion of circular debt.

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