ISLAMABAD: Pakistan will present the financial year 2024/25 annual budget on June 10, two government sources said on Friday, ahead of seeking a new International Monetary Fund (IMF) loan.
The budget was originally due to be presented on June 7 but was delayed because of Prime Minister Shehbaz Sharif’s visit to Beijing from June 4 to June 8, said the two sources, a top official at the finance ministry and an official close to the prime minister.
They spoke on condition of anonymity as they are not authorized to disclose the information.
The information ministry did not respond to a request for comment.
Finance Minister Muhammad Auragzeb, who will be accompanying Sharif to Beijing, will present the budget, which the finance ministry official said would be one of the most crucial ahead of a new loan from the IMF.
An IMF mission held two weeks of technical and policy level talks with Pakistani officials before it left last week to discuss fiscal consolidation measures to lay the groundwork for the new loan.
The talks made significant progress toward reaching a staff-level agreement for an extended fund facility, the IMF said after concluding the talks.
The IMF had opened discussions on the new loan program after Islamabad completed a short-term $3 billion program, which had helped stave off a sovereign debt default last summer.
Pakistan is likely to seek at least $6 billion under the new program and request additional financing from the IMF under the Resilience and Sustainability Trust.
Pakistan’s federal budget to be presented on June 10
Short Url
https://arab.news/vw8vd
Pakistan’s federal budget to be presented on June 10
- The budget was originally due to be presented on June 7 but was delayed because of Prime Minister Shehbaz Sharif’s visit to Beijing on June 4-8
- Finance Minister Muhammad Auragzeb will present the budget, which official says will be one of the most crucial ahead of a new loan from the IMF
