The World Monetary Fund (IMF) has expressed concern over the financial burden of development projects, raising objections to Pakistan’s proposed budget targets for the next fiscal year.
According to the report, sources said that the throw forward for development projects has exceeded Rs 10,000 billion.
Sources said that Prime Minister Shahbaz Sharif sought details of 500 ongoing development projects from the Ministry of Planning.
According to the report, the majority of development projects are expensive infrastructure projects, the government is facing difficulties in approving the development budget.
The Ministry of Finance and Planning also disagreed, sources claimed that the next fiscal year’s plan was delayed due to lack of agreement on budget targets.
According to the report, the important meeting of the annual planning liaison committee has been postponed, the new date will be given later.
The meeting was to prepare recommendations on the development budget and economic plan for the next financial year. The meeting also had to review the economic performance of the current fiscal year.
Sources said the delay in the meeting is likely to have a negative impact on the budgeting process.
IMF demands data from gas companies from Pakistan before virtual negotiations for budget consultation
According to the report, virtual talks will be held today for budget consultation between Pakistan and the IMF, while the World Monetary Fund has sought the data of gas companies from Pakistan before the talks.
Sources said that virtual talks are likely to be discussed on the circular loan of the gas sector.
According to sources, circulation loans in the gas sector have exceeded Rs 2800 billion, the proposal to use David to reduce it is under consideration, the IMF delegation has sought the data of the gas sector companies.
Sources said that the IMF will be offered a 5 -year performance of gas companies, the 5 -year profit and loss of gas companies will be discussed, including balance sheet, the government will plan to abolish the gas sector’s circular debt in the next five years.
