Aurangzeb optimistic to secure staff-level deal after IMF friendly budget

Finance Minister Mohammad Aurangzeb has express optimism in securing a staff-level agreement with the International Monetary Fund in July after presenting an IMF friendly budget.

The minister shared the details of the virtual negotiations with the IMF during the post-budget press conference in Islamabad on Thursday.

He declined to comment further on the matter until reaching the staff-level agreement with the IMF.

When asked about the Pakistan Peoples’ Party concerns regarding the budget, he said all coalition partners were given a briefing on the budget proposal and were taken on board.

He also shed light on proposed hike in petroleum product prices saying that it would be mad gradually and linked with international oil prices.

“Petroleum levy will not increase immediately. But will be increased in a phased manner over the next fiscal year,” he said.

While responding to a question about whether the salary slab will be revised or remain the same, the minister said that taxes for the exempted class and those in the top slab category have been maintained.

“If you compare it with the non-salaries class, which includes the professional community, we have increased it to 45%,” he said, adding that there are some changes in tax slabs and there is no doubt about it.

However, he maintained that tax base will be broadened with tax to Gross Domestic Product (GDP) to be taken to 13%.