Finance (Supplementary) Bill gets presidential approval

Finance (Supplementary) Bill gets presidential approval

ISLAMABAD: The President of Pakistan, Dr. Arif Alvi, on Saturday granted approval to the Finance (Supplementary) Bill. The National Assembly on January 13, 2022 adopted the finance supplementary bill tabled by the government.

With the ascent of the President, the financial proposals of the government are not implemented.

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The government on the demand of International Monetary Fund (IMF) withdrew tax exemptions to the tune of Rs343 billion.

The bill was tabled on December 30, 2021 in the lower house in order to get approval before the schedule meeting of the IMF board on January 12, 2022.

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The IMF Executive Board was to meet on January 12, 2022 for approval of above $1 billion tranche under $6 billion Extended Fund Facility (EFF).

The government had realized it would not able to get approval by IMF board meeting. Therefore, the finance ministry requested the IMF to defer the meeting date by month-end. The lending agency approved the request and now this meeting likely to be held by January 28, 2022.

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