Pakistan has initiated the groundwork for the upcoming fiscal year’s budget, specifically targeting the 2024-25 financial period. The Ministry of Trade and Commerce is actively soliciting proposals from both government and private sectors to contribute their insights and recommendations for the forthcoming budget.
Key entities, including the Federal Board of Revenue (FBR), Ministry of Industries and Production, National Tariff Commission, DRAP, Engineering Development Board, FPCCI, Pakistan Business Council, Pakistan Stock Exchange, and various chambers of commerce, have been instructed to submit their proposals by the deadline of February 15. The emphasis of these proposals is notably on potential adjustments to customer tariff rates.
Read more : Government Awaits IMF Approval After Revising Budget
In a parallel development, it has been reported that the International Monetary Fund (IMF) executive board is poised to greenlight the initial review of Pakistan’s $3 billion stand-by arrangement (SBA) on the present Thursday. This arrangement, which Pakistan entered into with the IMF, is set to conclude in the second week of April 2024, with approximately $1.8 billion yet to be disbursed. The first tranche of $1.2 billion was released by the Fund in July.
Upon approval by the IMF board, Pakistan anticipates receiving an installment of around $700 million. Officials from the finance ministry assert that Pakistan has successfully met all the stipulated targets set by the IMF, instilling confidence that the desired outcomes will be achieved.
This confluence of budgetary preparations for the upcoming fiscal year and the imminent IMF review underscores the economic importance and scrutiny faced by Pakistan. The solicitation of proposals from various sectors indicates a consultative and inclusive approach to budgetary decision-making, while the pending IMF review represents a crucial aspect of Pakistan’s ongoing financial management. The positive outcomes of these endeavors could have significant implications for Pakistan’s economic stability and future fiscal policies.
