Pakistan to unveil Rs 18 trillion budget on June 12: Minister

Islamabad: The Pakistan government is likely to present the budget with the outlay of around Rs 18 trillion for the financial year 2024-25 on June 12, a minister said on Wednesday.

The government will table the budget in the National Assembly after approval from the Cabinet, The Express Tribune newspaper reported, quoting the Minister of State for Finance Ali Pervaiz Malik.

The cabinet meeting will also make crucial decisions about any increase in the salaries and pensions for government employees.

Malik said the budget would be tabled on June 12 and added that its schedule was changed due to Prime Minister Shehbaz Sharif's ongoing visit to China.

Sharif reached China on Tuesday for a 5-day visit at the invitation of Chinese President Xi Jinping.

Before tabling the budget in Parliament, approval will be sought from the Economic Coordination Committee on June 10 for the Public Sector Development Programme (PSDP) and annual development funds for the next fiscal while the National Economic Survey for the current financial year will be presented on June 11.

Proposals for slapping Rs 3 trillion in additional tax and increasing GST from 18 to 19 per cent are also under consideration, the report said, quoting the minister.

He said that the government would also jack up defence spending to offset the inflation and price hike during the outgoing fiscal year ending on June 30, adding that the likely increase in defence spending was not known.

Last year, Pakistan allocated over Rs 1.8 trillion for defence spending in the Rs 14.4 trillion budget.