The federal budget for the upcoming fiscal year 2023-24 will be in accordance with the conditions of the International Monetary Fund (IMF).
The lender will make recommendations on budget and revenue targets for the upcoming fiscal year, well-informed sources told ProPakistani.
The government is facing severe budgetary issues which have left it no other choice but to accept the demands of the IMF.
Sources told ProPakistani that Ministry of Finance and Federal Bureau of Revenue (FBR) officials will consult with the IMF industrialists, and chambers of commerce for next year’s budget. The lender is expected to suggest stringent revenue-generating measures for the prevention of tax evasion and smuggling,
Understandably, various proposals are also being analyzed to end the informal/black economy in FY2023-24.
Sources added that the Finance Ministry and FBR officials have already started work on the budget, while Finance Minister Ishaq Dar is expected to meet IMF officials in the coming weeks to discuss and finalize relevant formalities to expedite the passage of next year’s expenditure.