Pakistan approves new taxes worth PKR 215bn to secure IMF deal.

Acting President Sadiq Sanjrani has signed the amended Finance Bill 2023-24 and the Elections (Amendment) Bill 2023, which were passed by the National Assembly. The Finance Bill includes fiscal tightening measures dictated by the IMF, while the Elections (Amendment) Bill limits the disqualification of lawmakers to five years with a retrospective effect and empowers the Election Commission of Pakistan to announce election dates unilaterally. The government hopes to generate an additional PKR 215bn ($1.3bn) in taxes and cut spending by PKR 85bn in the next fiscal year, without reducing the federal development budget or the salaries and pensions of government employees.