ISLAMABAD: Prime Minister Shehbaz Sharif, currently on an official visit to China with a high-powered delegation, has issued special instructions to ensure allies are consulted regarding the fiscal year 2024-25 budget.
Sources indicate that Minister of State for Finance, Ali Pervez Malik, will visit Quetta today to brief the Balochistan government on the budget measures.
Consultations have already been completed with the Prime Minister of Azad Kashmir, the Chief Minister of Gilgit-Baltistan, and parliamentary parties including PPP, MQM, and others.
All four chief ministers have been invited to the National Economic Council meeting, where they will be briefed on budget targets and measures, sources added.
Additionally, CM KP Ali Amin Gandapur will be invited to the meeting, and the government will seek approval from parliamentary parties for the budget.
Initially scheduled for presentation on June 10, the budget for 2024-25 is now likely to be presented on June 12. The Pakistan Economic Survey 2023-24 will be presented on June 11 following a council meeting on June 10, according to sources.
The federal budget for 2024-25 is expected to receive Senate approval by June 26. In response to IMF demands, the Pakistani government is likely to eliminate tax exemptions in the FY2024-25 budget.
Budget proposals suggest Pakistan may phase out exemptions on sales and income tax and is considering imposing a sales tax on tractors and pesticides, which could lead to price increases for these essential agricultural products.
