Muttahida Qaumi Movement-Pakistan (MQM-P) has convened an urgent meeting to deliberate on budget proposals ahead of the federal budget 2024, reliable sources reveal. Insiders indicate that the focus of the meeting will be on outlining development schemes tailored for Karachi and Hyderabad. MQM-P intends to advocate for increased allocations for essential sectors such as education, healthcare, and law enforcement within these cities, according to sources. Furthermore, discussions are expected to encompass the allocation of funds for key projects like the Safe City initiative and transportation infrastructure, with MQM-P pushing for enhanced funding in these areas. Former Finance Minister Sardar Ahmed has been extended an invitation to offer insights into the budget and proposed development schemes during the meeting, as per sources.
The Pakistan government is anticipated to unveil the federal budget for the fiscal year 2024-25 on June 7, with an estimated total expenditure of Rs 16,700 billion. Sources suggest that initial projections allocate Rs 9,700 billion for interest and loan repayments, while subsidies are estimated at Rs 1,500 billion.
Additionally, tax revenue is estimated to surpass Rs 11,000 billion, with Rs 5,300 billion expected from direct taxes and Rs 680 billion from federal excise duty.
