Thursday, December 8, 2022

Budget 2022-23 will not be people-friendly: Shaukat Tarin

The previous minister of finance, Shaukat Tarin, stated that the next budget for the fiscal year 2022-23 will not be friendly toward the people.

 Shaukat Tarin expressed concern about a fresh wave of inflation that will strike Pakistani citizens after the budget for 2022–2023. According to him, Miftah Ismail had already hinted at the possibility of another increase in the rate of inflation.

He went into depth about how an increase in the interest rate will result in an increase in unemployment, which in turn will lead to the closure of factories. He forecast that the interest rate would skyrocket up to 25 percent and that inflation would reach as high as 30 percent.

In addition, Tarin stated that it would be a significant achievement for the coalition administration to achieve growth in the economy of between 2 and 3 percent.

The previous minister of finance has stated that the current coalition administration will merely impose new taxes, such as the property tax, which will not be beneficial to the economy. He went on to say that the requirements set forth by the International Monetary Fund (IMF) will apparently be accepted by the coalition administration.

Read Also: Govt will present budget for 2022-23 tomorrow, with Rs9.5 trillion outlay

“The PTI government has not breached the deal with the IMF. We were going to sign a deal with Russia that would allow for more affordable oil. Because he is concerned about the reaction of the United States, Miftah Ismail is not pursuing the agreement with Russia (US). The price of petrol could drop by as much as Rs. 50 per liter as a result of Russian oil.

In addition to cutting back on state spending, one of his recommendations was that the federal government should raise salaries by up to 35 percent.

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