Prime Minister Shehbaz is optimistic about sealing a deal with IMF this month
ISLAMABAD: Prime Minister Shehbaz is optimistic about signing a much-awaited deal with the International Monetary Fund (IMF) this month.
PM Shehbaz Sharif stated this in an interview with the Turkish News Agency Anadolu.
PM Sharif said Pakistan has completed all the terms and conditions of the ninth review of the IMF.
Pakistanis can hear good news about the resumption of IMF loan this month, he added.
Premier said, “Pakistan has fulfilled all requirements of the IMF as prior actions.”
The people of Pakistan have faced challenges in the past and they will “tighten our belt” and rise again in case the deal with IMF was not materialized.
PM Shehbaz said the coalition government has navigated challenges with the support of the people of Pakistan and with the help of “brotherly and friendly nations.”
Talking about Pak-Turkey ties, PM Shehbaz described them as “one soul, two hearts that beat together.”
He also congratulated the people of Turkey on President Erdogan’s reelection, considering it a “wonderful development.”
The premier expressed that Pakistan and Turkey will enhance cooperation in the near future to boost trade and facilitate mutual growth, with a focus on areas such as biogas, solar energy, and hydropower.
Govt announcing new budget on June 9
The coalition government is expected to announce a Rs 13-15 trillion budget for the financial year 2023-24. The tax and non-tax revenue target for 2023-24 is expected around Rs 9 trillion. It will be higher by 21 percent in comparison with Rs 7.5 trillion targets for the outgoing fiscal year 2022-23.
The tax revenue collection target for 2023-24 would be 29 percent higher than the estimated tax collection in FY22-23.
Revenue targets in the past have also varied by an average of 8% in the last five years from actual targets. “We expect the same to happen in FY24 amid the economic slowdown,” it added.
Meanwhile, in FY24, the non-tax revenue target is expected around Rs2.5 trillion, 900 billion rupees u from the Rs1.6 trillion target for 2022-23.
