ISLAMABAD: Pakistan’s finance minister Senator Ishaq Dar said on Saturday his government was looking for a ‘Plan B’ in case the International Monetary Fund (IMF) did not release a $1.1 billion tranche of the stalled $6.5 billion bailout program Islamabad secured in 2019.

The statement came a day after the minister presented a Rs14.46 trillion ($50.4 billion) budget for the next fiscal year, setting a tax collection target of Rs9.2 trillion ($32 billion) that is 23 percent higher than the last year’s and envisioning a 3.5 percent GDP growth.

The government’s fiscal plan was unveiled amid record inflation, a depreciating currency, and fast-depleting foreign exchange reserves. While it stated its intention to provide relief to financially vulnerable segments, the budget numbers were aimed at securing the tough IMF loan amount to stave off a balance of payments crisis.

“A Plan B is always there and that is self-reliance,” the finance minister said, addressing a post-budget press conference in Islamabad. “Pakistan will not default.”

“If we don’t get it, we have a plan ready …. we hope to receive $1.1 billion [tranche], but there is no chance for the tenth review now,” the finance minister said. “We will only be fair to get the money after the ninth review.”

Pakistan’s IMF bailout program has been stalled since November and is set to expire on June 30, with its 9th and 10th reviews still pending the IMF board’s approval.

The finance minister said Saudi Arabia and the United Arab Emirates (UAE) had given a commitment of $2 billion and $1 billion respectively to the IMF as external financing support to Pakistan. 

“We expect if this amount was not transferred to Pakistan by June 30, it will come next year then,” he said, clarifying that debt rescheduling from the multilaterals was not on the cards.

“We can always negotiate with the bilateral for an ease-out.”

The finance minister clarified that there was no need to reschedule domestic loans because it would be a “serious issue” if a sovereign country could not fulfil “requirement of own currency.” 

He said the nation would have to “learn to live” as the country could not print dollars to repay external debts.

“We are trying to mobilize exports and remittances for the external debt [repayments],” Dar said.

About the 3.5 percent growth target, he termed it modest, realistic and in line with the IMF projection, admitting that servicing was one of the biggest items in the budget that the government was “trying to reverse.”

The government has paid special attention to agriculture and information technology (IT) sectors in the budget and given them tax exemptions on seeds and the import of machinery, according to Dar.

The economy is out of the woods now as hectic efforts by the government halted further decline of the economy.

He defended the government’s tax and non-tax revenues as “realistic and achievable” that were set after thorough consultations with stakeholders.

The budget levied new taxes of just Rs200 billion ($697 million) as the tax revenue had increased from Rs7,200 billion in the previous fiscal year to Rs9,200 billion.

“These 200 billion rupees taxes are mostly to promote documentation or fix an anomaly. This is not inflationary,” he said, adding that Rs900 billion out of Rs1,074 billion subsidies allocated in the budget were only meant for the power sector.

“This was a major stumbling block between us and the IMF, we have to focus on it,” he said. “No new major subsidy is being given.”

KARACHI: Pakistani actor Shahroz Sabzwari has said his new movie, ‘Babylicious,’ with ex-wife Syra Yousuf will give “butterflies in your tummy,” with the flick scheduled to be released on Eid Al-Adha. 

Babylicious was announced in December last year when Yousuf and Sabzwari revealed the first look of the film, initially slated for a release in February 2023. The news came as a surprise for many, particularly after the real-life couple parted ways in 2020. 

Nonetheless, the former couple this month began promotions for the film, which had been in the works since 2017 when Yousuf and Sabzwari were married to each other. 

In an exclusive interview together with his ex-wife, Sabzwari, who plays the role of a college student Omar, told Arab News the film is “romantically entertaining.” 

“Go watch all the films but if you want butterflies in your tummy, watch Babylicious. Like true butterflies in your tummy if you really want to feel happy and sad at the same time. Watch Babylicious,” he said, when asked what the picture will bring to viewers apart from other movies slated for release on Eid. 

“If you want to cry a little and then get excited and jump on your seat then watch Babylicious. Otherwise, you can watch other films also.” 

The movie, shot in Karachi, Nawabshah and Bahrain, is written, directed and co-produced by Essa Khan, who described it as: 

“Fun, date movie set in a super affluent Pakistani neverland where college students drive fancy new cars, have top brand wardrobes and lavish weddings.” 

But Yousuf believes Babylicious portrays romance in an “old school” manner and is very different than what “love means in today’s time.” She stars as Omar’s college sweetheart, Sabiha. 

“It’s funny because we shot this movie over a span of five years,” said Yousuf, who thought the former couple has “really changed” over the years. 

“I’m kind of looking forward to see how that’s going to turn out.” 

Sabzwari said the film is equally relatable to youngsters and their parents. 

“Anyone who has fallen in love in their teens, or early 20s. Maybe, their first love. This film is for them,” he said. 

“It is also for the parents.” 

Babylicious is not the first time Yousuf and Sabzwari have worked together. The former real-life couple appeared in the sequel of cult-classic ‘Tanhaiyaan’ in 2012. 

They mutually opted for divorce due to “irreconcilable” differences three years ago. The two have a daughter, Nooreh, who they co-parent, while Sabzwari later married Pakistani model Sadaf Kanwal. 

The two shared they work hard on maintaining a “good equation” for their child that seeps into other areas of their lives too. 

“Along with being very dedicated actors, we are also very dedicated parents. We both are very big on the responsibility we share,” Yousuf said. 

“It’s mainly the fact that we work really hard on maintaining a good equation for our child. It just kind of leaks into other areas of our lives as well.” 

Asked if they would sign up for another project together, Yousuf said they were good “co-parenting.” 

“It was very smooth [working together in Babylicious] because we have known each other for a very long time,” she shared. “So, we know what works, what doesn’t work.” 

Sabzwari said people were “shocked” when they learnt the two actors were starring in a film. 

“[They should] live and let live but it doesn’t happen, which is okay,” he said. “It was [a surprise] for a lot of people and that’s why they’re going to go watch the film.” 

Babylicious, according to Sabzwari, does not have an international release planned yet, however, if the film does well at the box office, they hope to release it in the US, England and Dubai.