Federal budget in doldrums amid political turmoil
Business
The government is facing severe financial difficulties due to the unsettled agreement with the IMF
ISLAMABAD (Web Desk) - The uncertain political situation looming over the country along with the delay in the IMF program have raised concerns about the new budget schedule. The annual meeting of the Planning Coordination Committee has been postponed till June 2.
According to reports, the schedule of the National Accounts Committee meeting regarding the budget faces changes for the second time. The meeting will take place on Monday now, and the current fiscal year's GDP growth estimate will be announced.
The meeting will determine the next targets of various sectors, including agriculture, industry, and services based on their past performance. The budget strategy paper is expected to be approved by the cabinet by next week, while the meeting of the Annual Planning Coordination Committee has been scheduled for June 2.
The meeting of the National Economic Council will take place in the first week of June. However, the finance department officials claims that the new budget for the upcoming fiscal year is planned to presented on June 9th.
The government is facing severe financial difficulties due to the unsettled agreement with the IMF. The exchange rate in the country has reached nearly 300 rupees per dollar, and the price of petrol is also at its highest level in history.
