Government retracts mini-budget from cabinet after rigid opposition

By Admin -
federal cabinet
The government has taken back the mini-budget, including the Tax Laws (Fourth) Amendment Bill, for the time being from the federal cabinet as difficulties increase for the Centre on the political front.

The publication stated that the government decided to consult with Prime Minister to devise a new strategy.

The unveiling of the mini-budget turned out to be a disappointment for the incumbent government since the International Monetary Fund (IMF) staff turned down the government's proposal to convince the IMF that it would present a mini-budget through a presidential ordinance.

This has put the revival of the IMF programme into a difficult situation because it wouldn't be possible if the Fund doesn't show flexibility in demanding the parliamentary approval for two key bills, including Tax Laws (Fourth) Amendment Bill and SBP’s Autonomy Bill.

In this scenario, the government has to explore all options once again to convince the IMF for the promulgation of a presidential ordinance for withdrawal of GST exemptions to fetch Rs350 billion into the national kitty on an annual basis because it might find it hard to pass such a chunk of the money bill with the support of its political allies.

The IMF had sternly rejected the proposal for promulgation of the Presidential Ordinance in the past, but the government seems to be left with no option but to engage the IMF again to convince it. The government wants that the promulgation of the ordinance should be allowed till the upcoming budget and to withdraw GST exemptions as part of the next budget through Finance Bill 2022.

The two bills are pending approval from Parliament without which the revival of the IMF programme will be simply impossible. A top official said that the cabinet could not consider the State Bank of Pakistan (SBP) Autonomy Bill in Tuesday's meeting because the federal law minister was not present in the meeting.

So the cabinet ratification on work finalised by the Cabinet Committee on Legislative Business could not be taken up. Secondly, the Tax Laws (Fourth) Amendment Bill was withdrawn because the government could not afford a backlash on it when the CPI-based inflation was already standing at 11.53% for November, 2021. The second thought surfaced after increasing difficulties emerged in the wake of a severe defeat in the local government elections in many parts of PTI's stronghold province of Khyber Pakhtunkhwa.

 

Comments

Post a Comment

Popular posts from this blog

At least 11 dead, others injured after train catches fire near Rahim Yar Khan

By Admin -
Image
At least 11 passengers lost their lives and 30 others sustained burn injuries when three carriages of a Tezgam Express caught fire due to explosion in a gas stove, according to initial reports. Meanwhile, firefighters have initiated a rescue operation to extinguish the fire and other passengers are being evacuated from the train to safe places. The affected carriages are being separated from the train. The train, Tezgam, was on its way from Karachi to Rawalpindi, when a gas cylinder carried by a passenger exploded, leaving several dead and injured. The fire was caused by the explosion in a gas cylinder, confirmed the Pakistan Railways official. According to details, the passengers were cooking breakfast when the gas cylinder exploded. After the blast, the raging fire engulfed two other coaches as well. Fire fighters were still extinguishing the fire as per last reports.
Read more

Three soldiers martyred in terrorist attack on checkpost in Balochistan’s Zarghoon

By -
Image
As many as three soldiers embraced martyrdom and one terrorist was killed in an exchange of fire between security forces and terrorists in Zarghun, the area of Balochistan on Saturday. According to the military’s media wing, the Inter-Services Public Relations (ISPR), an operation was launched in the area against suspected terrorists who attacked a security post. “Troops on the post retaliated readily to the fire raid thereby, pushing back the terrorists,” stated the military’s media wing. In the ensuing exchange of fire, three soldiers were martyred while one terrorist was also killed. The military identified the martyred soldiers as Sepoy Zaheer Ahmed, Sepoy Mudassir Shaheed and Lance Naik Abdul Qadeer. The ISPR stated that the post had recently been established to “check extortion efforts targeting coal mines in the area”. “Based on follow-up ISR effort, likely hideout of fleeing terrorists has been identified in nearby mountains and a deliberate blocking and sanitisation op...
Read more

Legal process to try May 9 planners, perpetrators under army act begins: COAS

By -
Image
Chief of Army Staff (COAS) General Asim Munir has said that the legal process of trial against planners, instigators, abettors and perpetrators involved in the May 9 mayhem has commenced under Pakistan Army Act and Official Secret Act as per existing and established legal procedures derived from the Constitution. The army chief's statement came as he visited Jinnah House and an army installation in Lahore, which were blatantly attacked and vandalised by “politically motivated” rioters, the Inter-Services Public Relations (ISPR) said in a handout. The COAS was also given a briefing on events of May 9 dubbed by the military as ‘Black Day’ — the day when Pakistan Tehreek-e-Insaf (PTI) supporters ransacked and torched military installations across the country following the arrest of their leader Imran Khan in a graft case. Addressing the garrison officers and soldiers at Corps Headquarters, Gen Munir emphasised that any action aimed at widening a gulf between people and the milita...
Read more