ISLAMABAD: Finance Minister Ishaq Dar called for the national commission to examine the causes of the “economic downturn” in the nation over the previous four years. He further reiterated his proposal to political parties to create a national economic agenda as he delivered the IMF-mandated Finance (Supplementary) Bill, 2023, also known as the mini-budget, across both houses of the parliament.
economic decline under PTI
The finance minister delivered a 35-minute speech at the National Assembly session. Ishaq Dar further blamed the previous PTI administration for the nation’s economic problems. However, he firmly said that the current government was determined to carry out the deal the previous leaders made with the International Monetary Fund (IMF). Additionally that “an agreement with the IMF is an agreement with the state and not with a government.”
Later, the finance minister presented the finance bill before the Senate as well.
The government then planned to pass the bill through the National Assembly, therefore both houses were adjourned until Friday. According to the Constitution, the Senate is not compelled to enact a money bill. It is instead merely permitted to give recommendations that the lower house of parliament may or may not follow.
Speaking in National Assembly, Mr. Dar stated that the ruling coalition had accepted the PTI government’s agreement with the IMF. Additionally, they assured the agreement’s renewal and implementation despite paying a significant political price. He stated, “We think that the state should have a preference over politics.
Furthermore, Dar emphasized the necessity for a “Charter of Economy”. He stated that regardless of their party affiliations, all political leaders should come together to contribute to the improvement of the economy.
While remembering his previous speeches he said: “We should join together and develop a national economic strategy. We should also implement it [regardless] of whatever administration is in power”. He added, “but unfortunately, I was not able to achieve this wish.”
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