President Alvi turns down ‘mini-budget’ Ordinance

The President of Pakistan, Dr. Arif Alvi, declined the government's request to approve an ordinance that aimed to impose new taxes in order to raise additional revenue in line with the conditions of the International Monetary Fund's (IMF) stalled $6.5 billion bailout package. The Finance Minister, Ishaq Dar, had briefed the President on progress in the talks with the IMF, and the President acknowledged the government's efforts in negotiating an agreement with the IMF, stating that Pakistan would stand by the government's commitments in this regard. However, he advised that it would be more appropriate to take Parliament into confidence on this important subject and call an immediate session to enact the bill without delay. The government has met two prior actions, increasing electricity and gas prices, set by the IMF, along with other conditions, for reaching staff-level agreement. The President has summoned separate sessions of the National Assembly and Senate under Article 54(1) to table the Finance Bill (mini-budget) for final approval by the PDM government.