PM Shehbaz Sharif admits govt made budget with IMF collaboration
Pakistan is in talks with the lender for a loan of $6 billion to $8 billion,

at 1:11 am
PM Shehbaz Sharif addressing the NA on the budget

Islamabad, June 25: Pakistan Prime Minister Shehbaz Sharif acknowledged that the federal government collaborated with the International Monetary Fund (IMF) in formulating the annual budget for the Fiscal Year 2024-25.

In his address to the National Assembly on Tuesday, Sharif highlighted that the government’s decision to work with the IMF was driven by necessity, emphasizing the challenges faced in meeting the budgetary requirements.

“The government was forced to collaborate with the IMF to formulate the budget,” he said in his address.

The federal government presented a PKRs18.87 billion budget on June 12 and set a challenging tax revenue target of PKRs13 trillion for the year starting July 1 that looked to strengthen the case for a new bailout deal with the IMF.

Pakistan is in talks with the lender for a loan of $6 billion to $8 billion, as it seeks to avert a default for an economy growing at the slowest pace in the region.

According to PM Shehbaz, the treasury would inform the National Assembly about the IMF’s response as soon as it comes. He expressed hope that the “news will be positive.”

He also revealed that the laptop quota for South Punjab has been increased by 10 per cent and added that the Punjab government has completed development projects in South Punjab using its own resources.

Furthermore, PM Shehbaz reiterated that the government was taking measures to reduce government expenditures and a plan to cut down on government spending would be presented in the next one and a half months.

He disclosed the formation of a rightsizing committee, led by Finance Minister Muhammad Aurangzeb, tasked with streamlining government operations and delivering substantial outcomes by the specified timeline.

Emphasising his administration’s commitment to regional development, the premier underscored initiatives aimed at uplifting southern Punjab.

The PM’s address comes amid heightened scrutiny over government spending and efforts to enhance transparency and efficiency in public administration.