Acting President
ISLAMABAD: Chairman Senate and acting President Sadiq Sanjrani signed the Finance Bill 2023. He also signed the Election Bill 2023, restricting disqualification to five years only.
On Monday, Chairman Senate assumed the charge of acting President of Pakistan as Dr. Alvi is in Saudi Arabia to perform Hajj.
Soon after taking over the role, the acting President signed into law the Finance Bill 2023, followed by the signing of the Election Bill.
Meanwhile, as the acting president has signed the Elections (Amendment) Bill 2023, it will pave the way for the return of Nawaz Sharif and Jahangir Tareen into politics.
President Alvi along with his family and staff are performing Hajj.
Also, Interior Minister Rana Sanaullah Khan and his family reached Jeddah to perform Hajj.
Stock Market investors welcome pro-IMF budget, index gains 1400+ points
Pakistani stock market investors welcomed the pro-IMF budget and the 100-index gained 1400+ points on Monday. The market witnessed a bullish sentiment amid hopes that Pakistan and IMF will sign a crucial Staff Level Agreement (SLA). It will lead to the resumption of the stalled $1.1 billion tranche in the coming days.
On Monday, around 12:35 noon, the KSE-100 index gained 1000+ points, hitting 41,143.87 points. It is the first sign of the possibility of signing of the SLA between Pakistan and IMF.
The National Assembly has passed the new budget on Sunday after the finance ministry incorporated key changes in the budget as per the demands of the IMF.
NA passes new budget
National Assembly passed the Finance Bill 2023 on Sunday. In the new budget, the government has increased the tax collection target to over 9.4 trillion rupees from the proposed target of 9.2 trillion rupees in a bid to meet the IMF requirement. For the fiscal year 2023-24 starting next month, the government has raised Rs215 billion in tax revenue target and reduce Rs85 billion in spending.
Finance Minister Senator Muhammad Ishaq Dar disclosed this in the National Assembly.
“Pakistan and the IMF had detailed negotiations as a last-ditch effort to complete the pending review,” Dar told the parliamentarians.
Finance Minister said that the government has completed all the conditions of the IMF to unlock a 1.1 billion dollar held-up tranche.
Meanwhile, Dar said the new tax collection target of the FBR is Rs 9.415 trillion against the earlier proposal of Rs 9.2 trillion.
He said the provincial share will increase from Rs5.276tr to Rs5.390tr, the federal government total expenditure estimate from Rs14.460tr to Rs14.480tr, and the pension estimate from Rs761 billion to Rs801bn.
Senator Muhammad Ishaq Dar further said the subsidy estimate is around Rs1.064tr and grants at Rs1.405tr.
