Federal Finance Minister Muhammad Aurangzeb announced on Thursday that the upcoming federal budget will bring significant relief for salaried workers and further cuts in electricity costs. He said a comprehensive relief plan for the salaried class has already been finalized and will be shared with the International Monetary Fund (IMF).
Efforts are also in motion to reduce electricity bills by July — possibly even sooner.
Aurangzeb confirmed that Pakistan has met all IMF requirements, and the IMF Executive Board is expected to approve the recent staff-level agreement in May. This approval would unlock the next $1 billion loan installment, alongside new funding for climate-related initiatives.
The minister also mentioned that 98% of budget proposals from both public and private sectors have been received. These will be reviewed, and stakeholders will be informed about which suggestions are viable before the budget is formally presented in parliament.
He stressed that the final budget will come into effect on July 1 without any changes after approval, to ensure efficient and timely implementation.
On tax reforms, Aurangzeb noted that while tax collection from traders has improved, the ongoing trader-friendly scheme should not be confused with revenue goals. A simplified tax return form is in the works for general use, and moving forward, all tax policy matters will be overseen directly by the Ministry of Finance.
