Uncertainty clouds budget presentation
The announcement of the federal budget for 2024-25 remains in unusual limbo, with key customary ingredients still missing, casting doubts on its presentation in parliament on June 10. Sources said the critical National Economic Council (NEC) meeting, essential for reviewing the current year’s macroeconomic situation and development programme and approving the next year’s economic and development agenda, has yet to be scheduled. In fact, the government has yet to constitute the National Economic Council. Also, Prime Minister Shehbaz Sharif and Finance Minister Muhammad Aurangzeb will be on a four-day visit to China and thus unavailable to lead key consultations until June 8. Thus, the first available date for an NEC meeting could be after June 8, provided the relevant documentation with provinces, the prime minister and the president are circulated through electronic means for constituting and notifying the NEC.