Muzammil Aslam, the Adviser on Finance for Khyber Pakhtunkhwa, has strongly criticized the federal budget, labeling it as “killing poison”.
Aslam alleged that the federal budget reflects the influence of the International Monetary Fund (IMF) rather than the government’s own intentions.
He pointed out that the IMF’s directives have led to a 38% increase in taxes, particularly impacting the salaried class, whom he claimed have been severely affected by the budget’s measures.
Also read: IMF urges Pakistan to deregulate prices of red meat and milk
Aslam also expressed concern over the tax burden on non-filers, highlighting that it has been raised to 45%, primarily affecting the poorer segments of society.
The IMF budget is a threat to Pakistan’s sovereignty! We must reject conditionalities that undermine our economic independence@LegacyLeavers_#آئی_ایم_ایف_بجٹ_نامنظور pic.twitter.com/oINztag8eQ
— رفعت طاہرہ (@RiffatT_pti1) June 12, 2024
In terms of the federal government’s financial position, Aslam indicated that after allocating shares to the provinces, the federal government would retain 9,111 billion rupees, which he believes will be inadequate for servicing the country’s debt.
Also read: Key takeaways from Pakistan’s budget 2024-25
Furthermore, Aslam criticized the budget’s allocation for the agriculture sector, stating that it only includes a five billion rupees mark-up sharing.
He contested the official inflation figure of 12%, arguing that the actual price hike will likely exceed this figure.
Earlier on Wednesday, Pakistan’s Finance Minister Muhammad Aurangzeb presented the budget for the fiscal year 2024-25, with a total outlay of Rs18.877 trillion.
