Finance minister’s hands tied in ‘difficult’ budget, claim Miftah

 Former finance minister Miftah Ismail said Thursday while talking exclusively to 24NewsHD TV channel that a difficult budget had been given in which the hands of the finance minister were tied.

“Worryingly, this time the interest payment is more than the total net revenue. Inflation has made it difficult to collect taxes and reduce expenditure,” he said.

“Funds for the development schemes of MNAs should be cut, and that money should be allocated for interest payments and Benazir Income Support Programme (BISP),” he added.

“The increase in the salaries of the government employees by the prime minister is a good move,” he pointed out.

“The provinces should collect property and agricultural taxes. The federal government should have taxed the trade sector and shopkeepers thereby increasing the tax net which was not done,” he said.

“The prime minister also talks about bringing the June tranche from the IMF which has become difficult now. Going into the new IMF programme is very important,” he added.

“A mini-budget will come if there is a new IMF programme. New taxes will be imposed in the mini-budget,” he stated.

“Russian oil is heavy. It remains to be seen how many more products it yields after blending. Testing of Russian oil will determine how much it affects the prices. Crude oil prices have reduced in the global market, and further relief will come to Pakistan,” he added.

Reporter: Awais Kiyani