Monitoring Desk
ISLAMABAD: Prime Minister Shehbaz Sharif acknowledged during his address to the National Assembly on Tuesday that the federal government collaborated with the International Monetary Fund (IMF) in formulating the annual budget for the Fiscal Year 2024-25.
He highlighted that the government’s decision to work with the IMF was driven by necessity, emphasizing the challenges faced in meeting the budgetary requirements.
The federal budget, amounting to Rs18.87 billion, was presented on June 12 with an ambitious tax revenue target of Rs13 trillion for the upcoming fiscal year, aimed at strengthening the case for a potential new bailout agreement with the IMF.
Pakistan is currently engaged in discussions with the IMF to secure a loan ranging between $6 billion to $8 billion, seeking to prevent an economic default in a region experiencing notably sluggish growth rates.
PM Shehbaz assured the National Assembly that the treasury would promptly update them on the IMF’s response, expressing optimism for a positive outcome.
He further outlined his government’s efforts to curb expenditures and combat corruption. During the session, he announced the abolishment of the Pakistan Public Works Department, citing pervasive corruption within its development budget.
He disclosed the formation of a rightsizing committee, led by Finance Minister Muhammad Aurangzeb, tasked with streamlining government operations and delivering substantial outcomes by the specified timeline.
Emphasising his administration’s commitment to regional development, the premier underscored initiatives aimed at uplifting southern Punjab.
He noted that the PML-N-led government has consistently allocated budgets and employment opportunities exceeding the region’s population ratio.
PM Shehbaz stated that specific measures included a 10% increase in allocation for southern Punjab under national schemes such as the laptop distribution and PM Rozgar schemes.
He added that the Zevar Taleem Programme saw a significant rise in stipends for female students, from Rs200 to Rs1000.
Furthermore, the PM highlighted federal investments in major infrastructure projects across southern Punjab, including the Lodhran-Khanewal Motorway and the Dera Ghazi Khan-Muzaffargarh Motorway.
Responding to opposition concerns, he highlighted the imminent results of these initiatives, expected to manifest within approximately six weeks.
The PM’s address comes amid heightened scrutiny over government spending and efforts to enhance transparency and efficiency in public administration.
