‘Pakistan not to exit IMF programme’, says finance minister

While talking with local media Finance Minister Tarin said that as discussions with the International Monetary Fund (IMF) stay over the stabilisation of revenue collection, the petroleum levy would be increased up to Rs600 billion in the FY2021-22.

Resultantly, if the duty will have to be augmented in the range of Rs20 to Rs25 per litre whereas currently, the government is charging Rs5 per litre levy

When the minister was asked whether the country will eject from the IMF programme if the Fund rejects the plans and sticks to its demands, the finance minister said Pakistan will not spout out from the programme, adding that the IMF had asked Pakistan to present its budget so consultations will continue.

He said Saudi Arabia had approved to route oil on deferred payments, but it could not be determined how much oil the country will get.

While responding to a question about the negotiations, Mr Tarin thought the economic team had conveyed to the IMF that it should not be their problem on how the Federal Board of Revenue (FBR) meets the set income target of Rs5.829 trillion.

The Pakistan Tehreek-e-Insaaf-led government Friday presented an annual budget for the fiscal year 2021-22 with a total outlay of Rs8.48 trillion (Rs8,487 billion).

Federal Finance Minister Shaukat Tarin, who is presenting the third budget of the incumbent government began his speech amid opposition uproar. 

As the minister began his budget speech, opposition benches started shouting slogans and taunting the minister while laughing loudly as he praised PM Imran Khan's economic policies. 

Tarin said it was an honour for him to present the PTI's third budget, there were a lot of difficulties but this government had laid the ground for the economy to revive and now "it is going towards development and prosperity".