Pakistan Shared Budget 2023-24 Proposals With IMF
According to Ministry of Finance (MoF) sources, the Government of Pakistan shared budget proposals for the fiscal year 2023-24 (FY24) with the International Monetary Fund (IMF). The IMF will review these proposals and engage in detailed discussions with MoF officials.
The government aims to address pending budgetary matters with the IMF in order to unlock frozen funds before the end of the year. Revised revenue targets for the Federal Board of Revenue (FBR) and strategies to meet debt repayments in the upcoming fiscal year have been shared by the Finance Ministry.
Additionally, proposals have been made to allocate funds for debt and interest payments in the forthcoming budget. The government has also presented plans related to defense spending and intends to generate additional cashflow through non-tax revenue. Islamabad has informed the IMF about its proposal to increase profits through the State Bank of Pakistan (SBP) and generate cumulative revenue through the Petroleum Development Levy (PDL) in FY24.
Read More: SBP Reserves Decline For Third Straight Week
Despite facing criticism for providing unsupported subsidies to the public in recent months, the Finance Ministry has outlined a plan to offer more subsidies during FY24.
Regarding the GDP projections for the upcoming fiscal year, there is still some uncertainty. However, authorities have informed the IMF that they anticipate a budget deficit of 6.4 percent of GDP in FY24. It has been conveyed to the IMF that the budget deficits of the federation and provinces are expected to range between 4.8 and 5 percent in FY24.
Discussions are also underway between SBP officials and the IMF to secure sufficient financing to meet fiscal expenditure requirements for FY24.
Official sources highlight that the Finance Ministry aims to reach an agreement prior to the budget announcement and expedite the process of sending the pending Staff-Level Agreement for timely approval by the IMF Executive Board. They further mention that once the current program is concluded, Pakistan plans to initiate negotiations for the next program.
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