ISLAMABAD: According to Prime Minister Shehbaz Sharif, it is imperative that, at this point, the budget for fiscal year 2024–25 be in line with the demands made by the International Monetary Fund (IMF).
The premier stated that once the international lender responds, the country would soon hear positive news during his Tuesday speech to the National Assembly, where MPs are debating the budget ideas.
“I hope for positive news from the IMF and I will not make any hasty statements,” he declared.
In an attempt to meet the requirements for a second, longer, and larger IMF program, the coalition government led by the Pakistan Muslim League-Nawaz (PML-N) has set a high tax revenue target and is attempting to reduce the fiscal deficit from 7.4% to 5.9%.
These fiscal goals are thought to be more easily attained by expanding the tax base and optimizing the revenue collecting procedures.
In an effort to bolster its position for a fresh bailout agreement with the lender of last resort, Pakistan has set a lofty tax revenue target of Rs13 trillion for the year beginning July 1, an almost 40% increase from the current year.
PM Shehbaz stated at the NA address that South Punjab received 10% more funding and a job quota under the PML-N than it did according to its demographic share.
