Mini Budget of Rs. 40 billions to be enforced on directives of IMF: Sources

ISLAMABAD: Government has decided to prepare a new mini budget of Rs.40 billion on the instructions of International Monetary Fund IMF. The regulatory duty will be increased on 300 commodities. As per details, the finance minister prepared the budget on the pressure of IMF because if government fail to cover the shortfall of Rs.40 billion revenue, IMF will not approve the next payment of $ 50 crore for Pakistan. FBR will impose new taxes before December 5 to fulfill the condition of IMF because a meeting will be held between finance ministry and IMF observation mission on December 5 in which briefing will be given to IMF mission regarding new taxes implementation. As per sources, the meeting of Economic Coordination Committee will be held on Monday to approve the decision of increasing tax. This meeting was schedule on Friday but the meeting has been postponed. The meeting is likely to increase the tax on imported edible items. The suggestion will be under discussion in ECC meeting to increase duty on items like cigarettes, chocolates, butter, pineapple, cheese, biscuits, fridges, television and refrigerators etc.