Recommendations on Finance (Supplementary) Bill 2021 get Senate's nod

Islamabad: The recommendations on the Finance (Supplementary) Bill 2021 (mini-budget in the Opposition's langauge) got the Senate (Upper House)'s approval on Tuesday.

Standing Committee on Finance Chairman Senator Muhammad Talha Mahmood, who presented the final report related to the bill, highlighted that the Opposition didn't raise any objections to the bill.

Federal Minister for Finance Shaukat Tarin had presented the supplementary finance bill in the National Assembly last month, as a pre-requisite to resuming the $6 billion External Fund Facility (EFF) from the International Monetary Fund (IMF).

Mahmood termed the "mini-budget" an “IMF budget”, saying the supplementary finance bill would bring a tsunami of inflation in the country.

"This isn't just an Rs343 billion budget it is far more than that as the finance bill will have a negative impact on the common man."

Denouncing the oppression of businessmen, he said that the government is “debasing the dignity of businessmen. It wants to loot them by raiding their lockers.”

Shedding light on the issues that the common man will face after the approval of the bill, he said that the price of medicines will increase along with the rates of other consumer goods.

“They have even proposed an increase in the taxes on milk, bread, yoghurt, etc,” the Senator said.