Rs200 billion ‘mini budget’ on the cards to woo IMF

Experts warn against inflation amid new financial proposals

Web Desk 01:15 PM | 17 Jan, 2023
Rs200 billion ‘mini budget’ on the cards to woo IMF
Source: Representational Photo

ISLAMABAD – The Pakistani government is reportedly considering a Rs200 billion ‘mini budget’ to woo the International Monetary Fund, which is reluctant to visit a cash-strapped country to hold the 9th review of the ongoing Extended Fund Facility (EFF) Programme.

An Express Tribune report quoting sources suggests that the Sharif-led government may impose new taxes of around Rs200 billion with a ‘mini-budget’ likely to come in effect in February.

The government is considering ending tax exemptions, and imposing hefty taxes, to ensure meeting the tax collection target and fulfilling the stern conditions set by Washington-based lender for the release of the next tranche of loan.

Despite skyrocketing inflation, Sharif-led government is looking to impose new taxes to thaw the stalled talks with IMF as the country’s economic crisis worsened over the last couple of months with forex reserves held by the country’s central bank now standing below $5 billion for the first time in nearly a decade.

The mini-budget is on the cards as IMF called on Islamabad to honour its pledges and take stern measures to bridge the revenue shortfall.

The report further added that finance chief Ishaq Dar has started discussing power tariff increases and other measures with officials to save the country from going into debt default.

It added that Sharif-led government earlier mulled tapping only the imports sector for taxes however officials claimed that vehicles, sugary drinks and petroleum products will witness a price hike after new proposals.

Web Desk
Web Desk

Daily Pakistan Global Web Desk


USD to PKR: Pakistani rupee remains stable against dollar as IMF talks underway

ISLAMABAD – Pakistani rupee remained stable against the US dollar as the market is looking for direction amid Pakistan’s ongoing negotiations with the International Monetary Fund (IMF).

Amid the economic uncertainty, the local currency remained unchanged against the greenback, moving up 0.01 percent during the opening hours of trading. Before noon, PKR was hovering at 285.40 in the interbank.

In contrast to the inter-bank, the dollar continued its upward trajectory in the open market and is reportedly available at Rs315, as the gap between the official rate and open market rate is Rs30 per dollar.

As the money market is waiting for a positive development from the economic front, International Monetary Fund (IMF) Mission Chief to Pakistan said they continued engagement with Islamabad focusing on the restoration of foreign exchange proper market functioning, with special on the upcoming budget.

Today's gold rates in Pakistan – May 30 2023

KARACHI - The price of a single tola of 24-karat gold in Pakistan is Rs 232,700 on Tuesday.The price of 10 grams of 24k gold was recorded at Rs199,510.   

Likewise, 10 grams of 22k gold were being traded for Rs163,624 while a single tola of 22-karat gold was being sold at Rs 190,880.

Note: The gold rate in Pakistan is fluctuating according to the international market so the price is never been fixed. The below rates are provided by local gold markets and Sarafa Markets of different cities.

City Gold Silver
Lahore PKR 232,700 PKR 2,500
Karachi PKR 232,700 PKR 2,500
Islamabad PKR 232,700 PKR 2,500
Peshawar PKR 232,700 PKR 2,500
Quetta PKR 232,700 PKR 2,500
Sialkot PKR 232,700 PKR 2,500
Attock PKR 232,700 PKR 2,500
Gujranwala PKR 232,700 PKR 2,500
Jehlum PKR 232,700 PKR 2,500
Multan PKR 232,700 PKR 2,500
Bahawalpur PKR 232,700 PKR 2,500
Gujrat PKR 232,700 PKR 2,500
Nawabshah PKR 232,700 PKR 2,500
Chakwal PKR 232,700 PKR 2,500
Hyderabad PKR 232,700 PKR 2,500
Nowshehra PKR 232,700 PKR 2,500
Sargodha PKR 232,700 PKR 2,500
Faisalabad PKR 232,700 PKR 2,500
Mirpur PKR 232,700 PKR 2,500


Follow us on Facebook

Follow us on Twitter

Sign up for Newsletter