Finance Minister announces to present mini-budget on Jan 23

KARACHI: Finance Minister Asad Umar announced on Saturday that the federal government will present a third finance bill in a year in the National Assembly on Jan 23.

“The government had planned to present mini-budget on Jan 21 but owing to Prime Minister Imran Khan’s foreign trip it will now be presented on Jan 23,” he said while speaking to traders at Karachi Chambers of Commerce & Industry (KCCI).

The PTI-led federal government has planned to present mini-budget in order to introduce a comprehensive economic plan for the next three years.The government had already announced a mini- budget in September last year.

The government wants to bring the third finance bill in the parliament to achieve tax collection targets.

Earlier, on Jan 10, the minister said that the country’s trade deficit had reduced due to a rise in foreign remittances and exports.

Talking to anchorpersons in Islamabad, Asad Umar ruled out any threat of a default and added that the country’s trade deficit had also shrunk due to a decrease in imports volume.

He said that a record 65 per cent increase was observed in loans to the private sector from July to December 2018.

The minister said that the government was in contact with the International Monetary Fund (IMF), but they were not in a hurry for the IMF package. “We will sign an agreement that suits the country’s economy”, he said.

The minister said that the government was also taking measures for the alternative arrangements to address immediate economic needs of the country.

“We would not make any decision which increases the difficulties of the masses”, he said.

The minister said that the hike in gas and electricity prices would not affect the poor. He said that the government was taking measures to increase investment and ease business in the country.

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