*ISLAMABAD: A high level session and briefing under the supervision of the Prime Minister of Pakistan, Imran Khan over the state of economic affairs in the country was held today, Monday.*
Financial advisor to the state, economic team briefed the attendees about the terms and conditions finalized with International Monetary Fund (IMF) with regards to it’s economic program for the country and amnesty scheme.
The economic team answered questions raised by members of the National assembly.
Members of National assembly inquired, will the IMF program negatively impact the lives of a commoner?
The answer to this by the financial teams was, that the amount allocated for the country’s ‘Income Support Program’ initiative was being raised from 100 to PKR180 billion along with subsidies in the power sector, primarily gas and electricity worth Rs200 billion.
It was assured in the meeting that increased prices and taxation will not affect 75 percent of the general population.
‘Tax documents of a property can be shared and shown by paying only 4% in taxes of the total price.’
Resolve was expressed to roll back subsidies of industries that were not bringing revenue.
The amnesty scheme will allow declaration of assets after paying 4% of the taxes.
“We care about the poor, we are striving to provide a better living to the common citizen, we are trying our best to minimize the effect of economic turmoil on the impoverished,” said the PM.
“We are facing troubled circumstances due to difficult economic conditions prevalent in the country, we will take the country towards greener pastures very soon,” he added.
The Financial advisor to the state, Abdul Hafeez Sheikh also briefed the proceeding and the members of the National assembly who expressed their reservations on the increasing rate of inflation in the country.
Shiekh assured that the institutes who have now turned into white elephants will not receive additional funds in the garb of subsidy.
Members of the parliament also raised pertinent questions over an incumbent increase in gas and electricity tariffs.
Touching upon the economic implications a common citizen might face after the loan is received, Hafeez said: “If prices of electricity see an increase, then a user consuming 300 or less units will not be effected by any new taxes that might be imposed, 75 percent of electricity consumers in the country use 300 units or less.”
Sheikh announced allocation of an additional Rs. 50 billion as subsidy to be provided on electricity, and an additional Rs. 180 billion that have been approved for the social safety net.
“The government’s ‘Ehsas’ program is a part of the social safety net,” Shiekh said.
He also announced a subsidy of Rs. 216 billion for the consumers that use 300 or less units.