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Tuesday, May 21, 2024

Federal Budget 2024-25 Set for Presentation on June 7

The presentation of the 2024-25 federal budget is a pivotal event in Pakistan's legislative calendar.

The federal government will kick off its budget session on June 6, with the highlight being the presentation of the 2024-25 budget in the National Assembly on June 7. Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, will unveil the budget in front of the assembly. This marks a significant annual event where financial planning and allocations for the coming fiscal year are laid out.

Following the presentation, the Speaker of the National Assembly will adjourn the House for two days. The session will reconvene on Monday, June 10, to commence detailed discussions on the budget proposals. This interval allows lawmakers to review the budget document and prepare for in-depth debates. These discussions are scheduled to continue until the end of June, culminating in the formal approval of the budget.

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On the same day the budget is presented in the National Assembly, it will also be laid before the Senate. According to rule 130 of the Rule of Procedure and Conduct of Business in the Senate 2012, the Senate has 14 days to review the budget and make recommendations to the National Assembly. This bicameral review process ensures that the budget undergoes thorough scrutiny from both legislative houses.

Broader Implications and Preparations

In anticipation of the budget, there have been calls from the All Pakistan Chambers of Commerce and Industry (APCCI) for the government to consult extensively with the business community. Such consultations are vital for ensuring that the budget addresses the economic realities and needs of various industries.

Additionally, the budget presentation and subsequent approval are critical for ongoing negotiations with international financial institutions, such as the International Monetary Fund (IMF). The government’s fiscal policies and budgetary allocations will likely influence the terms and conditions of any new loan programs, underscoring the importance of a well-balanced and forward-looking budget.