Adviser to the Prime Minister on Finance and Revenue Shaukat Tarin has said following the drop in prices in the global market, petrol prices in Pakistan will also undergo a reduction.

However, the adviser added that tax exemption on food items will not end, and customs duty on make-up items, clothes, shoes, and other imported luxury items will be increased.

The government has finalised a ‘mini-budget’ involving fiscal adjustments and expenditure cuts worth about Rs600 billion as part of an understanding with the International Monetary Fund (IMF) to cool down the over-heating economy.

A day earlier, Tarin had reassured the people struggling to make ends meet amid soaring inflation that the fall in prices of basic commodities in the global market will have an impact on Pakistan as well, saying: “So we need not worry.”

 “After coronavirus, Pakistan’s economy has grown at a rate of 4%. Our economy is moving towards sustainable growth which is also reflected in the economic indicators. The burden of the betterment of society must be borne by all,” he said while addressing the 24th Sustainable Development Conference organised by the SDPI.

‘Govt committing introducing economic reforms’

Shaukat Tarin reiterated that the government was committed to introducing reforms in various sectors against the odds to address the long outstanding structural issues and to attain sustainable and inclusive growth.

In a meeting with Stephanie Von Friedeburg, senior vice president of IFC at Finance Division, the adviser stressed that modernization of agriculture and industry, as well as focus on IT, was vital for an increase in exports and economic growth.

“Government has taken pragmatic steps to tackle inflation, stabilize foreign exchange and increase productivity,” he added.

Read Tarin assures of drop in basic commodities prices

Stephanie Von Friedeburg discussed and supported the efforts taken by the government in social, economic and financial sectors for improvement in the economy of Pakistan.

She extended her all-out support for the progress and betterment of the economic agenda of the country.

Additionally, the adviser to PM on finance also held a meeting with Chief Minister Gilgit-Baltistan Khalid Khursheed at the Finance Division.

Finance Minister Gilgit- Baltistan, Secretary Finance and other senior officers from Gilgit-Baltistan and Finance Division attended the meeting.

The CM apprised the adviser on the development and public welfare projects being carried out in Gilgit-Baltistan and the financial requirements of the GB administration for the timely completion of projects to ensure good governance.

Tarin expressed the government’s resolve for the development and progress of all provinces including Gilgit-Baltistan as the top priority of the present government.