Pakistan will raise import duties on 5,000 different items and slash spending on infrastructure projects in an attempt to balance its budget, the government of Imran Khan has announced.
Warning that Pakistan was “on the precipice of a crisis”, Asad Umar, finance minister, on Tuesday unveiled a range of measures to cut the country’s budget and current account deficits.
Mr Khan’s party has inherited the widest budget deficit in years and an impending foreign currency crisis. His first budget marks a definitive shift away from the tax cuts offered at the end of the previous Pakistan Muslim League-Nawaz administration.
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