Pakistan’s new government on Friday unveiled a budget for the coming financial year that aims to restore broken ties with the IMF and stave off a political challenge from ousted prime minister Imran Khan.
The government of prime minister Shehbaz Sharif, who took over in April after Khan was removed in a no-confidence vote, said it planned to increase spending but still cut the fiscal deficit in the year starting July 1. The new adminstration has already raised fuel prices and said it would increase taxes by about 17 per cent year-on-year, while cracking down on tax evasion.
“In the last three years and three-quarters, [Imran Khan’s] incompetent team brought our beloved country to the brink of destruction,” finance minister Miftah Ismail said in his budget speech. “The present government has very little time. We have decided that all changes should be undertaken for the benefit of the economy and our country.”