ISLAMABAD: The amendment bill for the State Bank of Pakistan was approved by the federal cabinet here on Tuesday. The bill will grant the SBP absolute autonomy. The approval is in line with the International Monetary Fund (IMF) agreement for the $1 billion loan.
Prime Minister Imran Khan was heading the cabinet, which cleared the draft, while Information Minister Fawad Chaudhry confirmed the approval. The bill will allow making amendments to the 1956 SBP Act.
Meanwhile, the approval of the Rs360 billion mini-budget has been halted by the government. The deferment has been attributed to rising inflation. Few members of the Khyber Pakhtunkhwa cabinet also showed reservations to approving the mini-budget after the party’s defeat in KP by-elections.
Some sources claim that the budget will be presented on Thursday for approval in a special cabinet meeting. It will be then presented in the National Assembly.