Pakistan Reviews FY2024 Budget as Last-Ditch Effort to Clinch IMF Deal

Pakistan Reviews FY2024 Budget as Last-Ditch Effort to Clinch IMF Deal

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. 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. 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.

TIS Staff

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