ISLAMABAD: The federal government will present the budget for the upcoming financial year 2024-25 in the National Assembly on Friday, June 7.
The budget session will commence on Thursday, June 6, and Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb will deliver the Budget-2024-25 presentation on June 7.
Following the budget presentation by the finance minister, the Speaker of the National Assembly will adjourn the House for two days, with the session resuming on Monday.
After this two-day break, the Lower House of Parliament will begin discussions on the Budget-2024-25, which will continue until the end of June. The House is expected to approve the budget by the end of June 2024.
Simultaneously, the Budget-2024-25 will be laid before the Senate on the same day it is presented in the National Assembly. The Senate will then discuss the budget and prepare recommendations within 14 days.
As per Rule 130 of the Rules of Procedure and Conduct of Business in the Senate 2012, “When such a bill is transmitted to the Senate, it may within 14 days make recommendations, if any, thereon to the National Assembly.”
Meanwhile, the IMF and the government’s policy-level discussions are anticipated to revolve around the size of the bailout package. Pakistan and the IMF’s visiting staff mission commenced talks on Monday regarding a new bailout program, as per sources.
The negotiations will center on determining the magnitude and terms of the new loan package. They are also expected to conclude the objectives and conditions for the upcoming fiscal year.
Furthermore, future fiscal targets for both tax and non-tax revenue will be established, along with defining macroeconomic objectives for the next fiscal year.
Sources indicate that negotiations aim to reach a finalized agreement on the new loan program by the week’s end.
Upon the conclusion of the policy-level discussions, an IMF staff-level agreement is expected.
The IMF mission is conducting a comprehensive review of Pakistan’s economic targets and performance and is slated to meet with Prime Minister Shehbaz Sharif this week.
The outcome of the policy-level negotiations will pave the way for a new IMF program to bolster Pakistan’s economic recovery endeavors.
Although Pakistan has not disclosed the loan amount it seeks from the Fund, Bloomberg News reported in February that it could be at least $6 billion. The country is reportedly seeking to negotiate an Extended Fund Facility with the IMF.
