Pakistan’s parliament on Friday passed the government’s tax-heavy finance bill for the coming fiscal year ahead of more talks on a new bailout with the International Monetary Fund (IMF) as it seeks to avert a debt default for an economy growing at the slowest pace in South Asia.
The government presented the tax-loaded budget two weeks ago, drawing sharp criticism from opposition parties and other business entities that expressed concern over rising government expenditures and little fiscal room for economic growth.
Finance Minister Muhammad Aurangzeb moved the finance bill in parliament, which was endorsed by the ruling alliance led by Prime Minster Shehbaz Sharif. Pakistan Muslim League-Nawaz (PML-N), the party in command at the centre, saw its main coalition partner, the Pakistan Peoples Party, disagree with some of the budgetary measures before announcing its support earlier this week.
Meanwhile, addressing the National Assembly, the finance minister said that the country’s economic indicators are moving in the right direction.
