Uncertainty Looms Over Budget Presentation Next Week

The presentation of Federal Budget 2024-25 is facing big uncertainty as many issues remain unresolved. The budget is scheduled for presentation in parliament on Monday, June 10. This could get delayed as the authorities have yet to convene the National Economic Council (NEC) meeting to review the current economic situation and next year’s economic agenda. Compounding the delay, Prime Minister Shehbaz Sharif and Finance Minister Muhammad Aurangzeb are in China for the next 4 days. This leaves June 8 as the earliest possible date for the NEC meeting. Meanwhile, the Annual Plan Coordination Committee (APCC) continued its deliberations on Monday, without the involvement of the Planning Minister, which is against protocol. Furthermore, the delay in sharing the budget strategy paper (BSP) with parliament, compounded by political uncertainties, poses further challenges to the budgeting process. This year, The BSP has yet to go through a parliamentary review due to the absence of key standing committees. Given these circumstances, the Finance Ministry’s plan to present the budget on June 10 looks too complicated at the moment. Even if the NEC convenes on June 8, it would leave almost no time for the Economic Survey and budget presentation in the coming days.