Prime Minister Shehbaz Sharif acknowledged that the federal government formulated the annual budget for Fiscal Year 2024-25 in collaboration with the International Monetary Fund (IMF).
In his address to the National Assembly on Tuesday, PM Shehbaz stated, “The government was forced to collaborate with the IMF to formulate the budget.”
The federal government presented an Rs18.87 billion budget on June 12, setting a challenging tax revenue target of Rs13 trillion for the upcoming fiscal year starting July 1, to bolster negotiations for a new bailout deal with the IMF.
Budget 2024-25 Proposes Increased Taxes on Sale & Purchase of Property
Pakistan is currently in discussions with the IMF for a loan ranging from $6 billion to $8 billion, aiming to avoid an economic default amidst one of the slowest growth rates in the region.
PM Shehbaz assured the assembly that the treasury would provide updates on the IMF’s response once available, expressing optimism that the outcome would be favorable.
He also announced an increase in the laptop quota for South Punjab by 10 percent and highlighted that the Punjab government had independently completed development projects in the region.
Additionally, PM Shehbaz reiterated the government’s commitment to reducing expenditures, with a comprehensive plan to cut down on government spending expected to be presented within the next one and a half months.