In the upcoming federal budget, government employees can expect a salary increase ranging from 10 to 12 percent. Media reports suggest that if the Finance Ministry’s proposals are accepted, this salary hike will take effect by July 2024, pending a final decision by the government.
Prime Minister Shehbaz Sharif recently hosted a luncheon in Lahore to honor laborers on May 1. During the event, Prime Minister Shehbaz Sharif expressed his commitment to reducing wasteful expenses significantly. Despite facing challenges, he pledged to strive for salary increases in the budget.
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The federal government has decided to finalize the budget objectives by the middle of this month, ahead of the IMF mission’s arrival. Consequently, the economic team has been tasked with completing budget preparations under the supervision of the Prime Minister’s Office.
Sources indicate that work on the budgeting strategy has commenced, with a focus on achieving six major targets. Additionally, a mechanism has been finalized with IMF officials to ensure the achievement of these targets.
The primary objectives include timely repayment of all foreign debts. Funds acquired from bonds, banks, friendly nations, and institutions will be directed towards reducing spending, lowering deficits, and preventing additional borrowing.
