LAHORE: The approval of a mini-budget by the National Assembly, according to PML-N President and Opposition Leader Shahbaz Sharif, would be “national suicide.”
Pakistan’s economic sovereignty, according to the PML-N president, is in jeopardy, and the opposition would design a strategy to prevent the introduction of a mini-budget.
“We will try making the government and its allies realise the detrimental effects of a mini-budget,” Shahbaz said, adding that the current government has become a threat to national security.
The PML-N president stated that presenting a mini-budget is similar to treating cancer with aspirin, emphasising that the government should not present the IMF-prepared mini-budget.
“A tsunami of change has engulfed the economy, jobs, and happiness of the people. They have not been able to get relief from the fall in oil prices in the world market,” stated Shahbaz.
Speaking about the economic relief programme, Shahbaz stated that it had had “no effect,” albeit that the prices of electricity, gas, and commodities had “increased further.”
Mini-budget expected next week
To meet the conditions set by the International Monetary Fund (IMF) for the revival of its $6 billion loans, the PTI government is all set to table a mini-budget before Parliament next week.
The budget bill proposes eliminating GST exemptions and imposing a standard rate of 17% on the import of mobile phones, laptops, silver/gold, various articles of jewellery, re-meltable scrap, LPG, and a variety of other products.
It is unclear whether the government will enforce a normal GST rate of 17 percent on POL items or not, because if the entire GST rate and petroleum charge were gradually increased to Rs30 per litre, the storm of inflationary pressures may reach unprecedented heights.
