In the coming federal budget, the salaries of government employees are expected to increase by 10 to 12 percent. According to the media report, if the Finance Ministry's proposals are accepted, the increased salary will come into effect by July 2024; however, the government will make the final decision. It should be noted that on May 1, Prime Minister Shehbaz Sharif hosted a luncheon at his Lahore house in honor of the laborers. Prime Minister Shehbaz Sharif says that he will bring an immense reduction in wasteful expenses, despite the difficulties, he will try to increase the salaries in the budget. However, the federal government has made the decision to finish working on the budget objectives by the middle of this month, ahead of the IMF mission's arrival.

For this reason, the economic team has also been given the aim of finishing the budget working by the Prime Minister's Office. According to the sources, work on the budgeting strategy has started and the achievement of the 6 major targets is the focal point, the sources also say that the mechanism has been finalized with the IMF officials to achieve the targets. First and foremost, all foreign debt must be repaid on time. Money obtained from bonds, banks, friendly nations, and institutions will go toward funding spending reductions to lower deficits and prohibiting additional borrowing.

Credit: Independent News Pakistan