The government is likely to impose flood levy and increase duty on petroleum products.
ISLAMABAD: (UrduPoint/Pakistan Point News-Jan 3rd, 2022) The Federal government has started working on mini-budget amid tough economic situation of the country.
The latest reports say that the government is planning to take tough measures including imposing a "flood levy" and increasing duty on petroleum products.
The government started working after National Security Committee took major decisions regarding revival of the economy and provision of relief to the people.
NSC undertook a comprehensive view of the present economic situation vis-à-vis challenges being faced by the common people of the country, especiallythe lower and middle-income classes.
Finance Minister Ishaq Dar briefed the NSC about the economic stability roadmap of the government including the status of discussions with international financial institutions, exploring other financial avenues based on mutual interests as well as relief measures for common people.
The sources said that during the NSC meeting, "flood levy" in the range of 1 to 3% through the promulgation of a presidential ordinance was on the cards. They said that the government was planning to bring themini-budget.
The proposal is likely to be finalised within the ongoing week.
The finance minister, the sources said, is expected to grant assent to the mini-budget proposals within the next two to three days after which a presidential ordinance will be promulgated.
The CPI-based inflation is at over 25%, while the real GDP growth was projected to come down from 5% to less than 2% for the current fiscal year.
