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AP National Business

Pakistan’s new govt presents budget, hoping for IMF bailout

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Published 10:14 AM

By MUNIR AHMED
Associated Press

ISLAMABAD (AP) — Pakistan’s new coalition government has presented its first budget in Parliament, levying more taxes on the rich and vowing to remove subsidies on energy and fuel, mainly in an effort aimed at reviving the $6 billion bailout package by the International Monetary Fund. The package has been on hold since earlier this year over policy breaches. Pakistan is expected to resume talks with the IMF soon. Finance Minister Miftah Ismail presented the budget for the fiscal 2022-23 year, aiming for a 5% economic growth. Pakistan is currently facing a crisis in the balance of payments, sparking concerns it could face a default-like situation if effective measures are not taken.

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