ISLAMABAD: Pakistan has initiated preparations for the 2024-25 budget The Ministry of Trade and Commerce has called for proposals from both government and private sectors for the upcoming budget.
Entities such as the Federal Board of Revenue (FBR), Ministry of Industries and Production, National Tariff Commission, DRAP, Engineering Development Board, FPCCI, Pakistan Business Council, Pakistan Stock Exchange, and various chambers of commerce have been instructed to submit their proposals by February 15.
These proposals are specifically focused on potential changes in customer tariff rates. In a separate development, sources suggest that the International Monetary Fund (IMF) executive board is likely to approve the first review of Pakistan's $3 billion stand-by arrangement (SBA) on Thursday. The current IMF program is set to conclude in the second week of April 2024, with approximately $1.8 billion yet to be disbursed.
The Fund disbursed the initial tranche of $1.2 billion in July. Pending the IMF board's approval, Pakistan is poised to receive an installment of around $700 million. Finance ministry officials express confidence in meeting all IMF targets and anticipate favorable outcomes.
