The International Monetary Fund (IMF) has imposed new conditions on the Punjab government, requiring significant financial adjustments in the upcoming fiscal year. The IMF has set a target for the Punjab government to save at least 630 billion rupees in the next financial year. The conditions were laid out during a video link meeting between IMF officials and the Punjab government representatives. The channel reported that this target must be achieved through savings from all sources of income and expenditures. The Punjab government now faces the critical task of identifying areas for cost-cutting and revenue generation to meet this ambitious savings target. To reduce the financial burden, Punjab Chief Minister (CM) Maryam Nawaz constituted a 14-member high-level committee on June 20 and tasked it with submitting recommendations in 60 days about carrying out a restructuring of the provincial ministries and departments.

Naming it ‘restructuring committee’, the chief minister said that Punjab Senior Minister Marriyum Aurangzeb would be its convener, while the provincial Finance Minister Mujtaba Shujaur Rehman and the provincial law minister would be its members. CM Maryam said the objective of the committee would be to identify loss-making departments and suggest measures to lay off their additional staff besides abolishing the departments formed for the same purpose. Under the restructuring plan, which CM Maryam approved, there would be a downsizing of ministries so that official duties could be performed with ease, while different departments doing the same work would be amalgamated into one. The restructuring of ministries and departments would save the Punjab government billions of rupees.

Credit: Independent News Pakistan