ISLAMABAD – Amid prolonged negotiations with the International Monetary Fund (IMF), the incumbent government has started mulling to postpone the upcoming budget to the second week of June.
Unlike the previous practices of presenting the federal budget in the first week, this time it is likely to be presented in the second week of June, as the unusual delay in the revival of the IMF program affected the presentation of the budget.
Media reports quoting well-informed sources from Finance Ministry suggest that the budget is likely to be presented in parliament on June 10.
In this regard, the meeting of the National Economic Council is likely to be convened in the first week of next month while officials will meet in Annual Planning Coordination Committee this month to finalise the outline of the development budget.
It was also reported that the federal development budget is likely to be increased by up to Rs250 billion for the next FY. PM Shehbaz Sharif will chair a meeting of the National Economic Council (NEC) to decide federal in the coming weeks.
Amid speculations, opposition mainly Pakistan Tehreek e Insaf expressed concerns regarding what kind of budget will be presented by the ruling alliance. In a tweet, Hammad Azhar said budget for next fiscal year must be devised sensibly and in consultation with the multilaterals.
He called on Finance Minister Ishaq Dar to stop playing games with the economy, alleging that finance czar has inflicted massive damage.
The fifth most populated nation is facing an economic crisis and has less than a month’s foreign exchange reserves while all eyes are on IMF’s bailout package which remained in air since November last year.
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