Govt likely to introduce mini budget in January: Finance Minister

December 19, 2018 (MLN): Finance Minister Asad Umar has informed members of the Senate Committee on finance that the government is likely to introduce mini budget in January.

According to sources, the final verdict shall take place after due consultation. Potentially, duties will be enhanced while some of the duties on raw materials will be reduced to promote exports.

"We planned to table the bill before parliament by the middle of next month, however, final decision will be taken after taking all due measures", said Asad Umer.

Regarding greenback, he said that the dollar was at Rs.105 in December and Rs 128 in July, pointing out that it became costlier by 10 percent between August to December. “During Tehreek Insaf tenure, dollar has been appreciated by Rs 2 per month”.

Governor of State Bank, Mr. Tairq Bajwa briefed the members that dollar appreciated following consultation with the government. The market overreacted on the decision due to which within a few hours deals worth about 9 million dollars were executed.

The meeting of the senate standing committee was chaired by Farooq Naik. Finance Minister Asad Umar said that the government has signed agreement with Saudi Arabia amounting to $3 billion out of which, $2 billion has already arrived. The interest to be paid on these loans amounts to 3.18 percent per annum.

“We have received Saudi oil facility and from next year, the country will get around $270 million worth of oil per month for three years on deferred payment” he added.

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