ISLAMABAD: Pakistan’s National Assembly on Tuesday approved the Finance Bill 2021-22 during a session which was also attended by Prime Minister Imran Khan, though not the opposition leader Shehbaz Sharif and several other leaders of his Pakistan Muslim League-Nawaz (PML-N) party.
Finance Minister Shaukat Tarin dismissed the opposition’s criticism of the government’s economic policies, saying the ruling Pakistan Tehreek-e-Insaf (PTI) had to seek financial assistance from the International Monetary Fund (IMF) to deal with the fiscal deficit accumulated by previous governments.
The federal budget was passed after several tumultuous sessions in which members of the treasury benches sometimes impeded opposition politicians from delivering critical speeches and protesting the government’s economic policies.
According to the local media, Information Minister Fawad Chaudhry applauded the “huge development budget,” saying that the government managed to get it approved “with great ease.”
He said Shehbaz Sharif’s absence from the National Assembly probably owed to a leadership tussle within the largest opposition party.
The non-attendance of the leader of the opposition from the final budget sitting was also highlighted by Pakistan Peoples Party (PPP) Chairman Bilawal Bhutto Zardari who slammed the government for “depriving” the provinces of their financial share by neglecting the National Finance Commission (NFC) award.
The absence of several opposition lawmakers from the National Assembly session stood in stark contrast to the opposition’s earlier decision to forcefully oppose the approval of the finance bill.
However, PML-N leader Ahsan Iqbal told local media that Sharif was absent from the session since his cousin had passed away.
He also added that a “vast majority” of his party members were present during Tuesday’s session.
Earlier this month, the government presented a deficit budget with a total outlay of $53.93 billion, a revenue generation target of $37 billion and a growth target at 4.8 percent of the country’s total Gross Domestic Product.
Pakistan approves federal budget as several opposition lawmakers absent from parliament
https://arab.news/msa6m
Pakistan approves federal budget as several opposition lawmakers absent from parliament
- National Assembly on Tuesday approved Finance Bill 2021-22 in a session also attended by PM Imran Khan
- Leader of the opposition Shehbaz Sharif and several other leaders of opposition Pakistan Muslim League-Nawaz party were not in parliament
Pakistan seeks operationalization of World Bank’s $20 billion framework to advance reform priorities
Pakistan seeks operationalization of World Bank’s $20 billion framework to advance reform priorities
- Pakistan’s finance chief meets World Bank Country Director Bolormaa Amgaabazar in the capital
- The Bank’s 10-year Country Partnership Agreement for Pakistan was approved in January last year
ISLAMABAD: Pakistan’s Finance Minister Muhammad Aurangzeb on Wednesday called for the operationalization of the World Bank Country Partnership Framework (CPF) to advance the government’s key reform priorities during a meeting with the Bank’s country director, according to a statement.
The Bank’s Board of Directors approved a 10-year CPF deal with Pakistan, indicating $20 billion in financing for Pakistan under the framework. The amount will include public and private financing from the World Bank Group, with roughly half expected to come from private-sector operations led by the International Finance Corporation (IFC).
“The Finance Minister emphasized the importance of effective operationalization of the CPF, particularly in priority areas such as population management and climate change,” the finance ministry said in a statement after Aurangzeb’s meeting with the Bank’s Country Director Bolormaa Amgaabazar.
“He underscored the need for strong coordination between federal and provincial governments to ensure coherence in policy design and implementation.”
Discussions focused on population, human capital development, climate resilience, agricultural reform and energy sector sustainability, it added.
The ministry said both sides exchanged views on enhancing institutional coordination, improving transparency in project design and strengthening monitoring mechanisms to deliver intended outcomes. It highlighted that the World Bank expressed readiness to continue supporting agricultural transformation efforts in collaboration with the IFC.
“Both sides agreed to continue technical-level engagements to explore feasible solutions in line with Pakistan’s reform agenda and fiscal framework,” the finance ministry added.
Climate resilience and population control are major concerns for policymakers in Pakistan, a country whose population exceeds 241 million, making it the world’s sixth-most populous country. Limited infrastructure, health care, and educational opportunities place added strain on public services, contributing to unemployment and poverty.
The South Asian nation is also among the countries most affected by climate change. Unusually heavy monsoon rains in 2022 killed more than 1,700 people and caused over $30 billion in damages. Torrential rains and floods since late June last year have claimed more than 1,000 lives, as authorities continue surveys to assess the full extent of the destruction.
