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Tomorrow, Finance and SBP autonomy legislation will be introduced

ISLAMABAD: Despite opposition opposition, the government plans to bring modified Finance and State Bank of Pakistan (SBP) autonomy bills before Parliament for approval tomorrow (Tuesday).

Both proposals are being tabled in parliament for approval before the International Monetary Fund’s (IMF) executive board’s sixth review of the $6 billion Extended Fund Facility (EFF) on January 12th, according to persons familiar with the situation.

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The opposition parties have vowed to resist the government move to grant autonomy to the State Bank of Pakistan (SBP) aimed at targeting inflation rather than economic growth, calling it an agenda of the International Monetary Fund (IMF).

The IMF has demanded Pakistani authorities seek parliamentary approval for the passage of the Tax Laws (Fourth) Amendment Bill and SBP’s Autonomy Bill.

Also read: GST exemptions, WHT, and SBP autonomy bill: The government will present two legislation to Parliament next week

Meanwhile, Prime Minister’s Adviser on Finance Shaukat Tarin reiterated Pakistan’s plan to fulfil the conditions imposed by IMF as prior action before the sixth review on January 12. He said a tax exemption of Rs350 billion will be withdrawn through the mini-budget.

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