Islamabad (Pakistan News): Prime Minister Shehbaz Sharif is considering a relief package of Rs 1.5 to 2 trillion to revive the industrial sector and will meet IMF Managing Director Kristalina Georgieva next week in Davos, Switzerland, during the World Economic Forum.
During a meeting in Paris in May 2023, Shehbaz Sharif had pledged to take measures to get the economy back on track and avoid default. However, these measures had resulted in record-high unemployment and poverty, which the government is now trying to reverse.
The Ministry of Finance, IMF, and the Prime Minister’s media office have refrained from commenting on the upcoming meeting. The relief package has been prepared in consultation with the Special Investment Facilitation Council, the business community, and the Finance Ministry. It includes measures to reverse tax distortions created since 2013 and reduce income tax rates.
Sources indicate that the final cost of the package could rise from Rs 1.5 trillion to Rs 2 trillion. The private sector has proposed Rs 975 billion in tax cuts to support the revival of traditional industries. Finance Minister Mohammad Aurangzeb and Finance Secretary Imdadullah Bosal will also accompany the Prime Minister to Davos.
