Govt to Present FY 2024-25 Budget on June 10

Government is poised to unveil its annual budget for the financial year 2024-25 on June 10, according to two government sources, a top official at the finance ministry, and an official close to Prime Minister Shehbaz Sharif.

Originally slated for June 7, the budget presentation was postponed due to Prime Minister Sharif’s visit to Beijing from June 4 to June 8, as per the sources who requested anonymity.

Finance Minister Muhammad Auragzeb, accompanying Prime Minister Sharif to Beijing, will deliver the budget presentation, marking it as a pivotal event preceding Pakistan’s pursuit of a new loan from the International Monetary Fund (IMF).

The IMF recently conducted two weeks of discussions with Pakistani officials, focusing on fiscal consolidation measures to lay the groundwork for a new loan program. Progress made during these talks was deemed significant by the IMF, hinting at the possibility of a staff-level agreement for an extended fund facility.

Read: Prime Minister Shehbaz Sharif to Embark on Four-Day Visit to China

Pakistan, having completed a short-term $3 billion IMF program last summer to avert a sovereign debt default, is now eyeing a new loan of at least $6 billion under the upcoming program. Additionally, requests for additional financing from the IMF under the Resilience and Sustainability Trust are anticipated.

Earlier reports had suggested a budget presentation on June 7 in the National Assembly, with the budget session scheduled to commence on June 6 and adjourn for two days following the presentation.