The next federal budget will bring relief for employees and additional electricity costs, said federal finance minister Muhammad Aurangzeb on Thursday.
Aurnagzeb announced that a detailed rescue plan for the salaried class has been finalized and will be shared with the International Monetary Fund (IMF). He added that efforts are underway to reduce energy bills by July or earlier.
Aurangzeb said that all IMF’s objectives had been achieved and that the fund’s board of directors should approve the staff level in May.
Pakistan also provides for the publication of the next $ 1 billion loan tranche, as well as additional climate funding.
The Minister of Finance noted that 98% of the budgetary proposals from the public and private sectors have been received, and that the stakeholders concerned will be informed of the suggestions achievable before the budget is deposited in Parliament.
He said that the budget will be implemented in its final form from July 1, without post-approval modifications, to ensure rapid execution.
Aurangzeb also commented on tax reforms, saying that, although the tax collection of merchants has improved, the regime adapted to traders should not be linked to income collection.
A simplified income declaration form is being drawn up for general use, and tax policy will now fall directly from the Ministry of Finance.
