Federal cabinet approves finance bill 2023-24

PM directs SIFC to explore opportunities for foreign investment

ISLAMABAD: The federal cabinet Friday approved the finance bill 2023-24. The meeting was chaired by prime minister Shehbaz Sharif.
During the cabinet meeting, approval was granted for the budget of the upcoming fiscal year, and a final decision was made regarding an increase in salaries and pensions of government employees.
Officials from the Ministry of Finance briefed the cabinet on the budget and informed that the Ministry had proposed a 20% relief in the salaries and pensions of government employees.
After discussions and deliberations on the Ministry of Finance’s proposal, the approval for the finance bill was given during the federal cabinet meeting.
In addition, the cabinet meeting also confirmed the decisions of the Economic Coordination Committee taken on May 24 and June 7.
Addressing the cabinet meeting, Prime Minister Shahbaz Sharif stated that his government has fully accepted and implemented all the conditions of the International Monetary Fund (IMF), leaving no obstacle in the path of this agreement.
He said that when they took responsibility, the most challenging phase was to fulfill the agreements made with the IMF because the previous government had violated those agreements. Subsequently, floods caused devastation, resulting in a loss of $30 billion to the country’s economy, he said.
It is hoped that after all the conditions are fulfilled, the IMF’s ninth review will be completed this month, and approval will be sought from the board, he said.
He said that political stability was a must for economic stability.



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