2024-07-11 18:53:11
(Waqas Azim) World Bank has approved to provide funding of one billion dollars for Dasu Dam.
A meeting of the Standing Committee on Finance was held under the chairmanship of Syed Naveed Qamar, Finance Minister Muhammad Aurangzeb while briefing the committee said that all economic indicators were positive during the last fiscal year, foreign exchange reserves were more than 9 billion dollars, inflation last year was low. Rate gradually decreased, currency destabilized due to delay in IMF program in 2023, profits and dividends of foreign companies are being paid as economic conditions improve, due to IMF program from other institutions. Funds have started coming in.
Finance Minister Muhammad Aurangzeb further said that the World Bank has approved funding of one billion dollars for Dasu Dam, nothing is being artificially controlled, there is no restriction on imports, the dollar Assumptions about value are over, the dollar will remain stable, the assumption that the dollar will go to Rs 300 or Rs 400 is over, builders and developers have been taxed in real estate, registration of retailers has started.
Giving a further briefing on the tax system, the Finance Minister said that the four provincial ministers had a positive discussion on the agricultural income tax, there is pressure from every sector, everyone wants me not to be taxed, the IMF said. It has been asked to abolish the presumptive tax, the tax has been imposed on the exporters on the same condition, the exporters are worried because of this, but we are forced.
Talking about tax refunding, Mohammad Aurangzeb said that it has been ordered to issue tax refunds of exporters immediately, giving 5, 6% bribe for tax refunds has become a part of this system, not giving speed money for tax refunds. have been requested, tax refunds worth Rs 260 billion have been issued.
Syed Naveed Qamar raised questions whether the IMF has only imposed a condition to remove the prismatic tax of the exporters. The government has imposed many similar taxes in electricity bills? Will the government also remove these taxes imposed on electricity bills? To which the Finance Minister replied that the contributory pension system has been started for civil servants from July 1, 2024, the contributory pension system for the armed forces will start from July 1, 2025. The armed forces have to look at their service structure. 5 Ministries will be abolished this year, IMF program will be done this month, moving in positive direction for IMF program, confidence in tax authority is to be restored.
The Finance Secretary told the meeting that the unemployment rate in the country has reached 10.3 percent, according to the World Bank the unemployment rate is 10.3 percent, according to the IMF the unemployment rate is 8 percent, according to the ILO unemployment rate is 10.3 percent. The employment rate is 8.2 percent.
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On the other hand, Finance Minister Muhammad Aurangzeb, while talking informally to the media after the meeting, said that he wants to take a program worth more than 6 billion dollars from the IMF. Progress has also been made on the condition of improving income tax collections, consultation with provinces regarding agricultural income tax, provinces have expressed willingness to increase agricultural income tax rate, new loan program from IMF same month. To be determined, climate change issues will also be discussed after the first review mission of the new debt program, funding for climate financing is not discussed in the current negotiations.
2024-07-11 18:53:11