The federal government will likely present the federal budget for the upcoming fiscal year 2023-24 in the National Assembly on June 9 or June 10, 2023.
Meetings of the key policymakers are scheduled in the upcoming weeks in order to outline the budget. The meeting of the National Economic Council chaired by Prime Minister Shahbaz Sharif is also scheduled for the first week of June, reported a national daily.
This year’s federal budget is especially critical with a swelling economic crisis and record-breaking inflation numbers which have rendered even the most essential commodities unaffordable. The International Monetary Fund (IMF) program is stalled since November of last year despite commitments from friendly countries. Reports claimed that efforts are being made to keep the budget proposals in line with IMF recommendations.
Pakistan has a few weeks’ worth of reserves and in order to survive the upcoming months, it needs the lender’s $1.1 billion bailout package which has been delayed since last year.
Amid the higher-than-ever stakes, devising the budget is no small challenge for the current government. It remains to be seen how the ruling coalition outlines the annual budget navigating these challenges with election season just around the corner.
