Prime Minister Shehbaz Sharif confirmed on Tuesday that the federal budget for the upcoming year was prepared in collaboration with the International Monetary Fund (IMF). His remarks came as Finance Minister Muhammad Aurangzeb announced significant amendments to the proposed finance bill for 2024-25.
“We had to prepare the budget jointly with the IMF,” the prime minister said in the National Assembly, addressing the prevailing circumstances and ground realities. Responding to concerns raised by a PTI member regarding the sense of deprivation in south Punjab, taxes on fertilizers, and the burden on farmers, PM Shehbaz expressed hope for a positive response from the IMF, though he refrained from making any premature statements.
Finance Minister Muhammad Aurangzeb, in his winding-up speech on the budget debate, departed from some critical reform measures announced in his budget speech on June 12. This shift appeared to come after pressure from influential industrialists and the need to appease public sector employees in parliament. The entire staff of the National Assembly and the Senate would receive honoraria equivalent to three basic salaries, he said.
Aurangzeb insisted that progressing positively with the IMF was essential, as a bailout is necessary to achieve a sustainable solution to the country’s economic and financial challenges.
The amendments to the finance bill reflect the government’s efforts to balance economic reforms with the needs and concerns of various stakeholders, including the business community and public sector employees. This collaborative approach aims to ensure that the budget not only meets IMF requirements but also addresses the socio-economic realities of Pakistan.