KARACHI: The Muttahida Qaumi Movement-Pakistan (MQM-P) has summoned an emergency meeting to discuss budget proposals ahead of federal budget 2024, ARY News reported on Sunday, citing sources.
Sources told ARY News that the meeting will focus on development schemes for Karachi and Hyderabad. MQM-P will present its proposals for increased funding for the cities, including for education, health, and law and order, sources added.
The meeting will also discuss the Safe City project and transportation budget, with MQM-P seeking to increase funding for these initiatives.
Former Finance Minister Sardar Ahmed has also been invited to the meeting, where he will share his views on the budget and development schemes, sources claimed.
The Pakistan government will likely present its federal budget for the next fiscal year 2024-25 on June 7, with an estimated total expenditure of Rs 16,700 billion.
The government will present the budget 2024 with one eye on precarious economic conditions and the other on 24th ‘longer and larger’ bailout programme of International Monetary Fund (IMF).
According to sources, the initial estimate for expenditures on interest and loans is Rs 9,700 billion, while the initial estimate for subsidies is Rs 1,500 billion.
Sources said that the estimate for tax revenue is over Rs 11,000 billion, with direct taxes expected to contribute Rs 5,300 billion and federal excise duty expected to contribute Rs 680 billion.
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Sales tax is likely to generate over Rs 3,850 billion, while customs duty is expected to generate over Rs 1,100 billion, sources said.
The initial estimate for non-tax revenue is Rs 2,100 billion, with petroleum levy expected to generate Rs 1,100 billion. The federal budget deficit is expected to be around Rs 9,300 billion, sources added.
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