ISLAMABAD: According to the Ministry of Finance, the government plans to present the federal budget 2023-24 in the National Assembly on either June 9 or 10, amidst ongoing talks with the Pakistan Tehreek-e-Insaf (PTI) regarding conducting elections on the same date.
The govt has scheduled key meetings related to the federal budget, beginning with the Annual Plan Coordination Committee (APCC) in mid-May, which will outline the development budget. The National Economic Council (NEC) meeting will be held in the first week of June, chaired by Prime Minister Shehbaz Sharif, to discuss the federal budget and the government’s attempt to meet the International Monetary Fund (IMF) conditions while preparing the budget.
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The budget has been a topic of discussion since the PTI raised concerns about what kind of budget would be presented by the Pakistan Democratic Movement if the National Assembly is not dissolved early. PTI leader Hammad Azhar tweeted that the next fiscal year’s budget must be devised sensibly and in consultation with the multilaterals, and Finance Minister Ishaq Dar must stop playing games with the economy.
The tweet shows that the PTI wants the next budget to be in line with the IMF’s recommendations, as they are expected to form the next government after the general elections.
Pakistan has foreign exchange reserves worth less than a month and is awaiting a $1.1 billion bailout package from the IMF. The funds are part of a $6.5 billion bailout package approved in 2019 by the IMF, which is critical for Pakistan to avoid defaulting on external payment obligations. Analysts believe that the funding is crucial for the country.
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Govt showed intent that it would present budget before the announcement of the polls, however, the PTI demanded that the budget should be presented by a caretaker set-up.
Yesterday, the ruling Pakistan Democratic Movement and opposition party Pakistan Tehreek-e-Insaf (PTI) had reached a crucial agreement to hold general elections on the same date nationwide. This is a positive step towards ending the deadlock over the timing of general elections in Pakistan.
The agreement came after the third round of talks between the negotiating teams of both sides at the Parliament House in Islamabad. While the head of the government negotiating team, Finance Minister Ishaq Dar confirmed that both sides had agreed that the polls should be held simultaneously across the country, they could not evolve consensus on the date of the general elections.
Both sides have shown flexibility in their positions, which bodes well for the future. If they proceed with sincerity, the next phase of talks is likely to be passed successfully.