Govt Budget Balances Relief with IMF Demands
• Budget keeps lender’s targets intact on revenue, deficit, primary surplus • Divisible pool frozen for three years at Rs13.35tr; govt eyes Rs1.9tr fiscal space • Revenue target up 17.6pc after record Rs1.15tr shortfall; defence up 17.7pc to Rs3tr • Salaries, pensions to rise 7pc; minimum wage proposed at Rs40,700 • Super tax scrapped for Rs150m-Rs500m incomes • Social media earnings, traders face new tax measures • Incentives for small EVs; curbs on luxury ones • Petroleum n
Pakistan's government has unveiled its budget for 2026-27, aiming to satisfy International Monetary Fund (IMF) targets for revenue, deficit, and primary surplus while also providing economic relief. Finance Minister Muhammad Aurangzeb announced a three-year freeze on provincial transfers, reallocating funds for security and various sectors. The budget introduces new tax measures, including on social media earnings and a fixed tax scheme for small traders, while offering incentives for small electric vehicles. To boost revenue, the government plans improved tax compliance and enforcement, alongside restructuring the Federal Board of Revenue (FBR). Salaries and pensions for government employees will increase by 7%, and the minimum wage is proposed to rise by 10% to Rs40,700. Tax relief is also provided for salaried individuals in certain income brackets, and the super tax has been abolished or reduced for specific business income ranges.
This budget is crucial as it attempts to balance Pakistan's fiscal consolidation requirements, dictated by the IMF, with domestic economic relief and growth initiatives.
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