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Pakistan President Alvi Approves Mini-Budget

ISLAMABAD : The Finance Supplementary Bill 2023 that was sent to President Arif Alvi on Wednesday has received his approval, two days after the National Assembly approved it on February 20.

In a statement released today, the President House stated that Article 75 of the Constitution was followed in accordance with the approval.

In order to fulfill the requirements imposed by the International Monetary Fund (IMF) for the revival of the Extended Fund Facility (EFF), which has been stalled for months, the bill calls for additional taxes and duties totaling Rs170 billion.

The government is doing everything in its power to persuade the Washington-based lender that it is committed to meeting the loan program’s requirements.

The Finance (Supplementary) Bill 2023 was sent to the President Secretariat on Wednesday by the Prime Minister Secretariat for approval.

The finance bill, which the constitution considers to be a money bill, cannot be vetoed by the president in accordance with Article 75(1).

Alvi had previously promised to work with the government on this.

Talks between Pakistan and the IMF The staff-level agreement is the topic of virtual talks about the Memorandum of Economic and Financial Policies (MEFP).

Sources told Geo News that at the meeting on Wednesday, the IMF insisted on tightening the monetary policy, and Pakistan informed the lender of the actions taken thus far.

“They were also briefed by Pakistani officials on the external financing from friendly countries, including $1.2 billion from the United Arab Emirates and $700 million from a Chinese bank.”

According to the sources, Pakistan also presented a plan to meet the target for foreign exchange reserves by June.