Expert and industry views on Pakistans Federal budget for FY24
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KARACHI, Pakistan : Pakistan presented its federal budget for the next fiscal year, one of four measures the International Monetary Fund (IMF) will gauge before releasing at least some of the $2.5 billion still pending under a lending programme expiring this month.
The cash-strapped country, with reserves to barely meet a month's worth of imports, is undertaking steps to secure a $1.1 billion loan, part of a $6.5 billionIMF bailout package, which has been delayed since November, with more than 100 days gone since the last staff-level mission to Pakistan, the longest such delay since at least 2008.
On Thursday, the resident representative for Pakistan told Reuters that Pakistan needs to restore the proper functioning of the FX market, pass a fiscal year 2024 budget consistent with programme objectives, and secure firm and credible financing commitments to close the $6 billion gap, adding that there was only time for one last IMF board review before the end of the current bailout package.
