Following the budget for fiscal-year 2021-2022 (FY22), the government and opposition both face challenges on their fronts. Federal Finance Minister Shaukat Tarin presented federal budget with tax waivers on Friday.
However, the opposition and government both face challenges on their fronts for not letting the budget sail through the parliament and persuading IMF respectively.
Several harsh conditions of the International Monetary Fund (IMF) were skipped in the third budget of the Pakistan Tehreek-e-Insaf (PTI) government to provide promised relief to the masses.
But the attempt could lead to several problems in getting the next trench from the global lender as the government overlooked to adjust power tariff and impose taxes on salaried class worth over Rs 200 billion.
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The finance minister had already denounced harsh conditions set by IMF for FY22 and declared the demands as redline for Pakistan.
There exists a severe deadlock between the global creditor and Pakistan over both issues and Tarin has already hinted that the talks for the sixth trench may get delayed until August.
Opposition’s challenge
There was a ruckus in the lower house of the parliament when the finance minister was reading the salient features of the fiscal budget.
The opposition termed budget figures as fallacious and announced that they would make every effort to stop letting it pass from the parliament.
After the conclusion of the budget session on Friday, Pakistan Muslim League Nawaz (PMLN) President Shahbaz Sharif and PPP Chairman Bilawal Bhutto Zardari criticized the government’s claims of economic growth.
They both vowed that the opposition would join hands to hinder the budget’s passage from the legislature.