'Pro-People' Budget Envisaged Ahead Of Critical Election Battle

'Pro-People' Budget Envisaged Ahead Of Critical Election Battle
The ruling PDM coalition is witnessing a critical time on the political and economic fronts, as the elections close in, and the budget 2023-24 is now the only opportunity to regaining the lost image.

The alliance of nearly a dozen political parties can't afford to enter the election battle without popular measures for the people who, at present, are facing the worst inflation.

The five-year tenure comes to a close in August, so the government has an uphill task ahead of it.

Though the government has ostensibly been successful in avoiding snap polls, but the challenge of providing economic relief is more complicated and tough for the cash-starved government.

Unprecedented inflation

The hope of IMF tranche hasn't faded, but in the current scenario, it can only be helpful to avoid a default, not to provide significant relief to the masses.

The mid-year United Nations survey on the world economic situation reportedly forecast that the inflation rate in Pakistan is expected to remain in double digits in the coming months due to fragile local currency.

Likewise, the Pakistan Bureau of Statistics (PBS) revealed that the inflation rate, as measured by the SPI, has increased by 45.72% over the past year.

'Pro-people budget'

In the current, difficult economic situation, a pro-people budget is also a daunting task to achieve.

The ruling parties have planned to raise salaries, pensions, and other benefits for the govern­ment employees and general public.

Former finance minister Miftah Ismail opined that the IMF will finalise the staff-level agreement after reviewing the budget that is going to be an­nounced in June this year.

So now, the economic wizards of PML-N and PPP have joined heads to discuss steps so as to make the budget successful.

Read this too: IMF Refutes Pakistan Govt Claim Of Fulfilling All Requirements For 9th Review

The conditions for­warded by the international lender are likely to be implemented in the bud­get 2023-24.

Govt begins contacts

The preparations are in full swing as Finance Minister Ishaq Dar held parleys with the stakeholders for discussing the possible relief measures.

In a series of meetings, a delegation of Federation of Pakistan Chamber of Commerce & Industry (FPCCI) met the federal minister for finance to discus the overall economic situation of the country and put forth proposals for the budget.

They assured full support to the government in its efforts to revitalize the economy and enhance exports.