Crisis-hit Pakistan’s new coalition government presented its first budget in parliament. Talks with IMF about a new bailout, spotlight on ambitious tax collection target . Analysts: Budget aimed at qualifying for a loan from IMF to help stabilize the economy. Remember, in 2023, the Pakistani economy nearly defaulted on the payment of foreign debts. Analysts: New budget aimed at qualifying for an IMF loan of $6 billion to $8 billion. Finance Minister Aurangzeb: Sharif government wants to achieve 3.6% economic growth. Pakistani Finance Minister Aurangzeb also said inflation in the nation is down to 12%. At one point last year, inflation in Pakistan went above 40%, sparking angry protests. Minister: Pakistan setting a challenging target of collecting $44 billion in taxes. Economic woes: Currently, about 5 million of Pakistan’s 240 million people pay taxes. On the IMF talks, Aurangzeb said Pakistan will privatize the country’s national carrier. Pakistan International Airlines has had losses and has deteriorated over the decades. Successive Pak governments doled out patronage by giving airline jobs to supporters. Aurangzeb said the govt will encourage the manufacture solar panels and other equipment. Chinese solar systems becoming common in Pak homes, shops, schools, hospitals & factories. Pertinent to note, Pakistan’s inflated electricity rates have sparked public uproar.
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