ISLAMABAD: President Asif Ali Zardari has summoned a session of the National Assembly on June 10 at 5:00 PM, during which Finance Minister Senator Muhammad Aurangzeb will present the federal budget for the fiscal year 2025-26.
The session will kick off the budgetary discussions in the National Assembly. The Senate session will also take place on the same day, where the budget and Finance Bill for 2025 will be presented.
The summons were issued under Article 54(1) of the Constitution, signaling the official start of the budget process. Special passes for the parliamentary press gallery, government officials, and other attendees have already been issued, and a comprehensive security plan is in place to ensure safety during the session at Parliament House.
Despite speculation surrounding potential delays due to the Eid holidays, the government has firmly stated that the budget presentation will proceed as scheduled.
Federal Finance Secretary Imdad Ullah Bosal confirmed the unchanged budget date after a National Assembly committee meeting last week, though he noted that the National Economic Council (NEC) meeting date might be revised. Bosal also mentioned that the budget is being finalized in consultation with the International Monetary Fund (IMF).
Finance Minister Adviser Khurram Shehzad took to social media platform X to reiterate that no decision has been made to delay or reschedule the budget. He also confirmed that the Pakistan Economic Survey for FY25 is on track to be released on June 9.
The estimated size of the federal budget for FY 2025-26 is set at Rs17,500 billion. The Federal Board of Revenue (FBR) has set a target of Rs14,100 billion for the upcoming fiscal year, slightly lower than the previous target of Rs14,300 billion.
The budget, which has been prepared with significant input from the IMF, will include final decisions on key expenditure areas, including defense spending, interest payments, and the development budget. Media reports indicate that taxes are expected to rise on share dividends and small vehicles, with the sales tax on small vehicles projected to increase from 12.5% to 18%.
The IMF has insisted on strict austerity measures, and as part of this, a ban will be imposed on the purchase of new vehicles for federal ministries and departments.
Reports also suggest that negotiations with the IMF have been successful, leading to the finalization of the budget estimates. The total budget for the upcoming fiscal year is lower than the current fiscal year by approximately Rs1,300 billion.
