ISLAMABAD: Pakistan will present the annual budget for the financial year 2024-25 on June 10, according to two government sources, ahead of seeking a new loan from the International Monetary Fund (IMF).
The budget was initially scheduled to be presented on June 7 but was postponed due to Prime Minister Shehbaz Sharif’s visit to Beijing from June 4 to June 8, the sources said. These sources, a senior official at the finance ministry and a close aide to the prime minister, spoke on condition of anonymity as they are not authorized to disclose this information.
The information ministry did not respond to requests for comment.
Finance Minister Muhammad Auragzeb, who will accompany Sharif to Beijing, will present the budget. The finance ministry official described this budget as one of the most critical steps ahead of securing a new loan from the IMF.
An IMF mission recently conducted two weeks of technical and policy-level talks with Pakistani officials, leaving last week to discuss fiscal consolidation measures needed for the new loan. The IMF noted significant progress toward a staff-level agreement for an extended fund facility following these talks.
The IMF initiated discussions on the new loan program after Islamabad completed a short-term $3 billion program, which had helped avert a sovereign debt default last summer.
Pakistan is expected to seek at least $6 billion under the new program and will request additional financing from the IMF under the Resilience and Sustainability Trust.
Earlier reports indicated that the federal government planned to present the budget for the upcoming fiscal year in the National Assembly on June 7 (Friday). The budget session was set to begin on June 6 (Thursday), with the Speaker of the National Assembly expected to adjourn the House for two days after the budget presentation.
