Prime Minister Shehbaz Sharif has admitted that the federal government made the annual budget for the Fiscal Year 2024-25 with the International Monetary Fund (IMF).

“The government was forced to collaborate with the IMF to formulate the budget,” he said in his address to the National Assembly on Tuesday.

The federal government presented an Rs18.87 billion budget on June 12 and set a challenging tax revenue target of Rs13 trillion for the year starting July 1 that looked to strengthen the case for a new bailout deal with the IMF.

Pakistan is in talks with the lender for a loan of $6 billion to $8 billion, as it seeks to avert a default for an economy growing at the slowest pace in the region.

According to PM Shehbaz, the treasury would inform the National Assembly about the IMF’s response as soon as it comes. He expressed hope that the “news will be positive.”

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He also revealed that the laptop quota for South Punjab has been increased by 10 per cent and added that the Punjab government has completed development projects in South Punjab using its own resources.

Furthermore, PM Shehbaz reiterated that the government was taking measures to reduce government expenditures and a plan to cut down on government spending would be presented in the next one and a half months.