Budget to be 'presented' on June 9
May 03, 2023
- Sources say NEC meeting will be held in first week of June.
- Annual Plan Coordination Committee will meet during mid-May.
- PTI is raising concerns on what kind of budget will be presented.
ISLAMABAD: Amid talks between the ruling alliance and Pakistan Tehreek-e-Insaf (PTI), the government is planning to present the federal budget 2023-24 in the National Assembly on June 9 or 10, Geo News reported on Wednesday citing sources in Ministry of Finance.
The sources said that the government would be convening key meetings relating to the federal budget, starting with the Annual Plan Coordination Committee (APCC) in mid-May. It will prepare the outline of the development budget.
They added said that the meeting of the National Economic Council (NEC) — under the chair of Prime Minister Shehbaz Sharif — regarding the federal budget will be held in the first week of June.
It was learnt that while preparing the budget efforts will be made to meet the conditions set by the International Monetary Fund (IMF).
Budget has been under discussion since last few days since PTI raised concern regarding what kind of budget will be presented by the Pakistan Democratic Movement if the National Assembly is not dissolved early.
Earlier, PTI leader Hammad Azhar in a tweet said: “The budget for next fiscal year must be devised sensibly and in consultation with the multilaterals.”
He wrote: “It is imperative that Finance Minister Ishaq Dar stops playing games with the economy. He has already inflicted massive damage. The budget for next fiscal year must be devised sensibly and in consultation with the multilaterals.”
The tweet showed that the PTI, which is expecting to form its government after the next general elections, wants the next budget to be strictly in line with the recommendations of IMF.
Another senior PTI leader also said: “The real issue is the upcoming annual budget. We want the budget to be presented by a caretaker government or a new government as the present rulers want to present a political budget for the next year which will be disastrous for the country.”
Pakistan has less than a month's worth of foreign exchange reserves and is awaiting a bailout package of $1.1 billion from the IMF that has been delayed since November over issues related to fiscal policy adjustments.
The funds, which can only be released after signing a staff-level agreement, are part of a $6.5 billion bailout package the IMF approved in 2019, which analysts say is critical for Pakistan to avert defaulting on external payment obligations.
