Islamabad, Jun 21 (PTI) Prime Minister Shehbaz Sharif said on Tuesday that his coalition government was prepared to take difficult decisions to ease the burden on the downtrodden segments by taxing the rich people.

Speaking to the media after the weekly cabinet meeting in Islamabad, he also blamed the imprudent economic policies of the previous government led by Imran Khan for the current economic difficulties, but hoped to overcome the troubles.

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"The previous government did not work for the betterment of the people and also breached the agreement signed with the International Monetary Fund (IMF),” he said.

He said that the previous government failed to adjust the petroleum prices despite a hike in the international market.

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The prime minister said that his government has decided to impose taxes on the rich in the budget for the fiscal year 2022-23 to decrease pressure on the poor.

He said a targeted cash subsidy was being given to those who earn less than Rs 40,000 per month to help the people tackle inflation.

Shehbaz came to power in April after Imran Khan's government was toppled through a no-confidence vote. But his government has come under severe criticism for failing to control raging prices. Interestingly, he used to heavily criticize Khan for his inability to control price hikes.

The key worry is delay in revival of a stalled assistance program by the IMF. However, Finance Minister Miftah Ismail said on Monday that the USD 6 billion bailout deal with the IMF was just around the corner after the government considered increasing the tax target.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)