PM Shehbaz 'directs' to take allies into confidence over budget 2024-25

ISLAMABAD: Prime Minister (PM) Shehbaz Sharif has issued special instructions to take allies into confidence over the fiscal year budget 2024-25, ARY News reported citing sources.

According to sources, Minister of State for Finance, Ali Pervez Malik, will visit Quetta today to brief the Balochistan government on the budget measures.

Sources said that the consultations have been completed with the PM Azad Kashmir and CM Gilgit-Baltistan, as well as with 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 the budget targets and measures, sources added.

Sources further said that CM KP Ali Amin Gandapur, will also be invited to the meeting and the government will seek approval from parliamentary parties for the budget.

The budget 2024-25 which was earlier scheduled to be presented on June 10 is now likely to be presented on June 12.

The Pakistan Economic Survey 2023-24 will be presented on June 11 after a meeting of the council on June 10, the sources said.

The federal budget 2024-25 will likely get approval from the Senate by June 26. The Pakistani government is likely to end tax exemptions in the FY2024-25 budget on IMF’s demand.

According to budget proposals for the budget 2024-25, Pakistan is likely to end exemption on sales and income tax, phase-wise.

The government is also considering imposing a sales tax on tractors and pesticides, potentially leading to price hikes for these essential agricultural products.