Finance Minister Senator Mohammad Aurangzeb has pledged that the upcoming federal budget will provide relief for salaried individuals. During a recent interview, he mentioned upcoming reductions in electricity bills as well. He confirmed that a detailed relief plan for the salaried class is ready and will be shared with the International Monetary Fund (IMF).
Aurangzeb reported that Pakistan has successfully met all IMF targets. Thus, the IMF’s Executive Board is expected to approve the staff-level agreement in May. Furthermore, Pakistan is anticipating the release of another $1 billion loan tranche alongside additional climate financing. This funding will help support various economic initiatives.
The finance minister also noted that 98% of budget proposals from the public and private sectors have been collected. He assured that relevant stakeholders will be informed about which suggestions can be implemented. The final budget will be presented in parliament and will take effect from July 1 without changes after approval.
Additionally, Aurangzeb discussed ongoing tax reforms. He indicated improvements in tax collection from traders but insisted that tax-friendly schemes should not be solely linked to revenue. A simplified tax return form is currently being developed for general use, and tax policy will now be directly overseen by the Ministry of Finance.