Finance Supplementary Bill 2021

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The federal cabinet has approved The Finance Supplementary Bill 2021 to avert the looming economic crisis and to ensure Pakistan’s sixth review of the $6 billion Extended Fund Facility gets cleared by the International Monetary Fund’s executive board on January 12, paving the way for the disbursement of about $1bn tranche. Amid growing domestic economic constraints, the havoc of the pandemic has added fuel to the fire and even the international economic order is embracing economic challenges in post-COVID scenario. Still, the current government should be praised for their commendable social protection policies even in such harsh economic conditions. Thus, Foreign Minister has explicitly stated that Pakistan will never fall in such a situation and for that very purpose Pakistan has shifted its focus on geo-economics.   The assurance of uninterrupted supply of energy and its efficacious consumption is indispensable to the progress of the industrial sector.  Conversely, in Pakistan the energy supply embraces severe distortions and the consumption patterns are quite vague. The stunted supply and retarded exploration of petroleum reserves are the underlying causes of the energy crisis in Pakistan. The Prime Minister Imran Khan has rightly understood the gravity of the issue and has pinpointed the actual loophole. Moreover, the government has rightly responded to the energy crisis rather than doing what about the issue. Pakistan has multitudinous indigenous unearthed petroleum reserves that should be explored to meet the demands of the energy sectors. Thus the Finance Supplementary Bill 2021 to provide a breathing space to our economy that is in dire need of stability.  Henceforth, irrespective of political mileage the initiative of the government must be supported by the opposition corners to ensure prosperity and progress of the country.

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