- PM commends finance minister, his team and all stakeholders for efforts in preparation of budget
- Chairs special cabinet meeting, approves budget proposals for fiscal year 2025-26
ISLAMABAD: The federal cabinet, in its special meeting chaired by Prime Minister Shehbaz Sharif on Tuesday, approved the budgetary proposals for the next fiscal year, 2025-26.
Prime Minister Shehbaz Sharif chaired a cabinet meeting, discussed the budget proposals, and approved the Finance Bill 2025 for presentation to the National Assembly for its onward consideration, according to Radio Pakistan.
Speaking at the Cabinet meeting, PM Shehbaz Sharif said that the country’s economy was improving with each passing day as all economic indicators were showing upward trends.
The meeting deliberated upon the key budget proposals and layout and accorded its approval accordingly. At the end of the Cabinet meeting, PM Shehbaz Sharif signed the document of the Federal Budget 2025-2026, according to state broadcaster PTV News.
He said that despite limited resources, the government was presenting “the best budget,” according to a statement issued from the Prime Minister’s Office (PMO).
During the meeting, the prime minister rejected the Finance Ministry’s proposal of 6 percent hike in salaries of the government employees, stressing that at least 10 percent pay raise should be given in the budget. The Cabinet also approved a 7 percent hike in the pensions of the government employees.
PM Shehbaz said the government was increasing salaries and pensions of the employees beyond their capacity, directing all the federal ministers to ensure their presence during the budget session.
PM Shehbaz asserted that all the economic indicators were stable and satisfactory due to the efforts of the government, sacrifices of the people, and stakeholders contributing to the health of the national economy.
The premier said they would deliberate upon the new budget and accord it approval. He said during the last one and a quarter years, the nation faced a hard situation and challenges, but steering the country out of them was no ordinary achievement.
“The common man and the salaried class made sacrifices,” the prime minister said, adding that the salaried class was asking the question of how much they had contributed—about Rs400 billion to the national exchequer in the form of taxes—and how much the wealthy and opulent had given? The Associated Press of Pakistan (APP) reported.
The prime minister, in his address telecast live on national Tv channels, further observed that due to the sacrifices of the nation and the government’s striving, Pakistan reached a point to take off, as all the stability indicators were satisfactory.
Exports and remittances had increased and showed a quantum jump, with the IT exports ever increasing, he said, and stressed that these sectors had the potential to further grow. The prime minister congratulated the nation and the Muslim Ummah on the auspicious occasion of Eid and Hajj.
He said the people of Palestine and Indian Illegally Occupied Jammu and Kashmir were facing the worst kind of tyranny and barbarism; the more they condemned it, the less it would be. The prime minister said it was high time for the influential countries to ensure an immediate ceasefire in Gaza where the blood of innocent people was being shed.
“Such a spectacle has not been witnessed in the contemporary age,” he said, adding that he had a strong conviction that the people of Palestine and Kashmir would get freedom as they had given unprecedented sacrifices. Prime Minister Shehbaz Sharif reiterated that the people of Pakistan were standing with them.
He further stressed focusing on the economic growth and said that in the recent conflict with their enemy, India, despite its bragging of economic and military strength, Pakistan had delivered a crushing defeat in the conventional war.
The prime minister reiterated that Pakistan would not let India weaponize water, as it could not do it and they would take all steps to ensure no interruption of its water share. He observed that if the same passion with which the entire nation had been galvanized during the armed conflict was manifested in the economic field, they would achieve their objectives, as there was nothing impossible. He also appreciated Deputy Prime Minister Mohammad Ishaq Dar and the provincial governments for their consultations on the water storage issue.
The prime minister commended the finance minister, his teams, and all the stakeholders for their efforts in preparation of the fiscal budget.
