Meeting of the Senate Standing Committee on Finance and Revenue was held in Islamabad today with Senator Saleem Mandviwalla in the chair to finalize the recommendations on the Finance Bill, 2023 containing the Annual Budget Statement.

Addressing the meeting, Finance Minister Senator Ishaq Dar termed the IMF 6 Billion Dollar guarantee demand illegal and stated that IMF is delaying plan to satisfy his political agenda. 

He said Although, the demands have been fulfilled by providing 3 Billion Dollar guarantee from UAE and Saudia Arabia  and the remaining 3 Billion Dollar is being guaranteed by World Bank and ADB.

Senator Ishaq Dar categorically stated that Annual Budget has been prepared without IMF consultation and IMF reservations on the current budget could be justified.

He claimed that IT, Agriculture and SME sectors are 'Drivers of Growth' and exemptions given to these sectors are inevitable for the economic growth of the country.

He reiterated that Pakistan is asset rich country and would survive without IMF support.

Ishaq Dar stated that Annual Budget allowed freelancers to retain 35 p.c. of their revenue. Besides, freelancers earning 2000 Dollars are exempted from sales tax and they could also procured duty free hardware.

Speaking on the occasion, Senator Irfan Siddiqui apprised that the employees of Radio Pakistan have not been paid from the past three months and proposed 5% radio fee in the annual vehicle registration fee to curb the financial crunch of Radio Pakistan.

He also suggested that PTV Fee which is being charged to consumers in electricity bills should be enhanced from 35 to 50 rupees and the additional amount should be given to radio Pakistan.

The Senate committee acknowledge the proposal and referred to Finance Ministry for consideration.

Moreover, Senator Kaudar Babar highlighted the economic potential of Gwadar and demanded that Gwadar should be declared as Special Economic District and exemptions should be given to locals on the same footing as it has been provided to Chinese.