Talks with IMF to conclude next week: Supplementary budget through ordinance expected

ISLAMABAD: The ongoing talks with the International Monetary Fund (IMF), which have reached a decisive phase, will be concluded early next week.

Under the finance ministry and relevant departments, the details for the fulfilment of terms and required actions for an increase in revenue are being worked out. The supplementary budget would be ready next week, and, in all probability, it would be implemented through a presidential ordinance.

Federal Finance Minister Ishaq Dar, who had overseen and conducted the 10-day-long Ninth Review talks for the programme, has been working to conclude the fiscal actions.

The sources in the Finance Ministry told The News here Saturday that the finance minister had indicated that the government would have to bring a supplementary budget with fiscal impact of Rs170 billion, but the amount could slightly surpass the figure. The minister has directed the relevant officials to ensure that there should be minimum impact on the low-income and poor segments of society. The government, with the cooperation of the provincial administration, would also ensure that undue inflation does not burden the masses after the supplementary budget. The sources said that although no final date has been fixed for the announcement of the supplementary budget proposals, a decision about the mode of implementation would be made sometime on Monday (tomorrow). The Federal Board of Revenue (FBR) special teams, under its Chairman Asim Ahmad, had kept on working out details for the concluding phase of the talks and the task that had been assigned to the board on Saturday, on closed holiday. The sources pointed out that one mode of implementation is through a presidential ordinance, while the other is expected to be adopted by the National Assembly as finance bill. The bill would also require the assent of the president.

The session of the National Assembly that was prorogued on Thursday could be summoned again midway through this week for tabling the bill.