Pakistan reviews FY2024 budget as last ditch effort to clinch IMF deal
2023.06.24 08:52
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© Reuters. FILE PHOTO: Pakistan’s Finance Minister Ishaq Dar leaves after a post-budget press briefing for the 2023/24, in Islamabad, Pakistan June 10, 2023. REUTERS/Ariba Shahid/File Photo
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By Asif Shahzad
ISLAMABAD (Reuters) – Pakistan introduced a number of changes to its fiscal 2024 budget on Saturday, said Finance Minister Ishaq Dar, in a last-ditch effort to clinch a stalled rescue package with the International Monetary Fund.
“Pakistan and IMF had detailed negotiations as a last effort to complete the pending review,” he told parliament.
For the fiscal year starting next month, Pakistan will raise a further 215 billion rupees ($752 million) in new tax and cut 85 billion rupees ($300 million) in spending, as well as a number of other measures to shrink fiscal deficit, he said.
The review came a day after Prime Minister Shehbaz Sharif met with IMF Managing Director Kristalina Georgieva on the sidelines of the Global Financing Summit in Paris.
About a week remains before the IMF’s Extended Fund Facility agreed in 2019 expires on June 30.
Under the $6.5 billion facility’s ninth review, negotiated earlier this year, Pakistan has been trying to secure $1.1 billion of funding stalled since November.
($1 = 286.0000 Pakistani rupees)
