The President House announced on Wednesday that President Dr. Arif Alvi has called a session of the National Assembly for June 6 (Monday). The meeting will start at 4 p.m. in Parliament House. On June 10 (Friday), the federal budget for the fiscal year 2022-23 will be presented in session. The meeting has been called in accordance with Article 54(1) of the Constitution.
The government had previously set June 10 as the date for the fiscal year 2022-23 budget declaration.
In the meantime, the Finance Division has asked the Cabinet Division to call a special budget meeting of the federal cabinet to discuss the budget suggestions.
Currently, Pakistan’s government is working with the International Monetary Fund to reactivate the $6 billion Extended Fund Facility (EFF).
Miftah Ismail, the Finance Minister, announced last week that the IMF has requested a “difficult budget” for the coming fiscal year.
He expressed Islamabad’s confidence that the Washington-based lender would resurrect Pakistan’s bailout program.
Pakistan has been frantically seeking reactivation of the stalled $6 billion Extended Fund Facility as it battles a widening current account deficit, rising import bills, and decreasing foreign exchange reserves (EFF).
Experts feel that resuming the IMF program is critical because a positive response from the international lender opens the door to more finance from other creditors.
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