Finance Minister Miftah Ismail addressed the nation on Thursday, assuring them that his team has saved Pakistan from bankruptcy by raising the prices of petroleum products.
He explained that by doing so, they have reached an understanding with the International Monetary Fund (IMF) over the budget’s measures.
He went on to say that the Chinese loan and ongoing talks with the IMF are crucial in ensuring Pakistan’s financial stability.
The minister said that he will give the winding-up speech for the general discussion on the federal budget for the fiscal year 2023 in the National Assembly and then they will close the budget.
“We have taken a historic step by neither increasing indirect taxes nor imposing taxes on commodities or consumption,” he added.
Finance Minister Asad Umar said that the PTI government had done a great disservice to the people by imposing heavy taxes on consumption, which have had a negative impact on the lives of the poor.
The previous government incurred four highest-ever budget deficits, he said, adding that Pakistan’s debt since the country’s inception had increased by 80% during the PTI tenure. He said that Imran Khan brought the country to the brink of bankruptcy.
He maintained that they only imposed taxes on the rich. “I have imposed taxes even on the companies of the prime minister’s son,” he added.
The finance minister, Mr. Ismail, said that the coalition government has imposed taxes on the rich.
He added that another 1% supertax would be imposed on people earning more than Rs150 million, 2% on income of more than Rs200 million, 3% on people earning more than Rs250 million and 4% on income of more than Rs300 million for a year.
The finance minister thanked China for re-rolling its safe deposits in Pakistan which were due in June and July.