In the upcoming federal budget, there is an anticipation of a 10 to 12 percent increase in the salaries of government employees.
Media reports suggest that if the proposals from the Finance Ministry receive approval, the enhanced salaries could take effect by July 2024, although the final decision rests with the government.
Prime Minister Shehbaz Sharif, who recently hosted a luncheon in Lahore to honor laborers on May 1, expressed his commitment to significantly reducing wasteful expenses.
Despite facing challenges, he aims to boost salaries in the budget.
However, to align with the impending IMF mission’s arrival, the federal government has set a deadline to finalize budget objectives by mid-month.
Consequently, the economic team has been tasked by the Prime Minister’s Office to expedite budget preparations.
Sources indicate that work has commenced on budgeting strategies, focusing on achieving six major targets.
It’s reported that a mechanism has been established with IMF officials to meet these targets.
The primary objective is timely repayment of all foreign debt. Funds obtained from bonds, banks, friendly nations, and institutions will be directed towards reducing expenditures, lowering deficits, and curtailing additional borrowing.
