FY 2023-24 Budget likely to be presented in first week of June

ISLAMABAD: The delay in agreement with the International Monetary Fund (IMF) affecting the schedule of new budget’s preparation, citing sources ARY News reported on Saturday.

“The strategy paper for Fiscal Year 2023-24 budget could not be prepared owing to political and economic uncertainty,” sources said.

“It was planned to prepare the budge strategy paper and get approval from the cabinet in second week of April,” sources said.

“The situation has affected the schedule of fixing the limit of development and current expenditures,” sources said.

According to sources, the session of the annual plan coordination committee could not be summoned so far. “The National Economic Council (NEC) session has been scheduled in the first week of May,” sources said.

“The budget document will be finalized in the end of May for getting approval of the federal cabinet,” according to sources.

Sources said that the FY 2023-24 federal budget is planned to be presented before the cabinet and the Parliament in the first week of June.

“The new fiscal year budget is likely to be prepared under the dictation of the IMF.”

The fiscal planners will get the IMF nod over the tax revenue, financial deficit, development budget and other key targets of the next year’s budget.