Budget on track, June 10 confirmed
The clarification came amid speculations regarding a possible delay due to Eid holidays. "The federal budget will be presented on June 10," Federal Finance Secretary Imdad Ullah Bosal told the media after exiting a committee meeting at the National Assembly.
He said the National Economic Council (NEC) meeting date may be revised, while the upcoming fiscal year's budget is being finalised in consultation with the IMF.
Moreover, Adviser to the Finance Minister Khurram Schehzad wrote on X that no decision has been made to postpone or reschedule the budget.
"As communicated earlier, the upcoming Federal Budget FY26 is on schedule to be announced on June 10, 2025," he wrote. "Similarly, the upcoming Pakistan Economic Survey FY25 is scheduled to be announced on June 9, 2025."
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Express Tribune
13 hours ago
- Express Tribune
Bullish week lifts stock market above 145,000
A stock broker reacts while monitoring the market on the electronic board displaying share prices during trading session at the Pakistan Stock Exchange, in Karachi on July 3, 2023. Photo: Reuters/ File Listen to article The Pakistan Stock Exchange (PSX) wrapped up the week on a bullish note, with the benchmark KSE-100 index breaching the 145,000 mark amid strong institutional buying, handsome corporate earnings and improved macroeconomic sentiment. Gains were further bolstered by record remittances for July, a sharp jump in textile exports and optimism about government reforms, including a major reduction in circular debt and an ambitious privatisation road map. On a day-on-day basis, the PSX started the week by breaching the 142,000 level, another all-time high, with a rise of 1,018 points as Oil and Gas Development Company (OGDC) received its first term finance certificate (TFC) payment of Rs7.7 billion, signalling strong financial health. On Tuesday, the market extended gains as the KSE-100 index ended at 143,037, up 985 points. Investor confidence was supported by robust inflows and a nine-year low fiscal deficit of 5.38% for FY25. The record-breaking rally continued next day as well, where the index broke another key psychological level of 145,000, reflecting a surge of 2,051 points. However, the bourse took a breather on Thursday, closing at 145,647, up a modest 559 points, as Pakistan recorded a trade deficit of $2.8 billion in July. The PSX ended the week by consolidating around 145k on Friday, with the index standing at 145,383, down 264 points. Investors displayed caution, reacting to recent macroeconomic developments by shifting focus across sectors and booking profits selectively. Arif Habib Limited (AHL) wrote in its review that the KSE-100 index extended its upward trajectory during the outgoing week, closing at 145,383 and posting a week-on-week (WoW) surge of 4,348 points, or 3.1%. The rally was fueled by strong buying from local institutions and funds, along with the ongoing result season. According to the Ministry of Finance, the overall fiscal deficit narrowed to Rs6.2 trillion (5.4% of GDP) compared to 6.8% in FY24. This progress was driven by robust growth in both tax and non-tax revenues, outpacing the rise in expenditures. Cement dispatches surged 30.1% in July on higher exports and post-Eid demand recovery, AHL said. In the MSCI Index review for August 2025, one stock (Faysal Bank) was added to the Frontier Market Standard Index, while two stocks (Indus Dyeing and Manufacturing and Jubilee General Insurance) were added and two removed (Habib Sugar Mills and Octopus Digital) from the Small Cap Index, it mentioned. Petroleum sales rose 2% year-on-year (YoY) to 1.22 million tons in July, driven by lower petrol and diesel prices compared to last year. The T-bill auction held on August 6 raised Rs386 billion, below the target of Rs400 billion, with yields increasing 5-30 basis points across all tenors. In July, workers' remittances reached $3.2 billion, the highest-ever for the month of July. The State Bank's foreign exchange reserves fell $72 million to $14.23 billion in the week ended August 8. Meanwhile, the rupee appreciated 0.1% WoW, closing at 282.47 against the dollar, AHL added. Syed Danyal Hussain of JS Global said that the KSE-100 maintained a bullish tone for most of the week, touching the high of 146,813 before slipping into the red on Friday. The index closed at 145,383, up 3% WoW, while average daily turnover increased 16% to 653 million shares. Sentiment improved as the US imposed higher tariffs on Indian goods, boosting confidence in export-oriented sectors. The government made progress in the power sector, cutting circular debt by Rs780 billion to Rs1.6 trillion, and unveiled a five-year roadmap to privatise 24 companies in three phases, with 10 companies, including PIA, to be privatised in the first phase, he said. On the trade front, textile exports jumped 33.7% YoY to $1.69 billion in July 2025, though the overall trade deficit widened sharply by 44% YoY, reaching $2.7 billion due to higher imports. According to the State Bank, its reserves slipped $72 million to $14.2 billion, mainly on external debt repayments, Hussain said.
Business Recorder
15 hours ago
- Business Recorder
Ecnec approves 100MW solar power project for Gilgit Baltistan
GILGIT: Executive Committee of the National Economic Council has approved a one hundred megawatt solar photovoltaic power project for Gilgit Baltistan. Following Ecnec's approval, formal work on the project will commence. During his recent visit to Gilgit, the Prime Minister had announced that Ecnec would soon approve the 100-megawatt power plants for Gilgit-Baltistan. Central Development Working Party has already approved the project. This project will benefit the districts of Astore, Darel, Tangir, Diamer, Ghanche, Ghizer, Gilgit, Hunza, Ishkoman, Nagar, Roundu, Skardu and Shigar. Govt plans to set up 100MW solar project in GB In the first phase, Skardu district will be provided with 18.958 megawatts of electricity. In the second phase, the districts of Hunza, Gilgit and Diamer will be supplied with 6.005 megawatts, 28.013 megawatts and 13.126 megawatts of electricity respectively. In the third phase, the remaining districts will receive 16.096 megawatts of electricity. The project is set to be completed within three years at a total cost of Rs 24,957 million.
Express Tribune
a day ago
- Express Tribune
Omar Ayub's bail pleas rejected in Jinnah House, Askari Tower cases
An anti-terrorism court (ATC) in Lahore on Saturday dismissed interim bail petitions filed by senior Pakistan Tehreek-e-Insaf (PTI) leader Omar Ayub in three separate cases linked to the May 9 violence, citing his absence from court proceedings. The cases pertain to attacks on key state and military properties during May 9 riots, including the high-profile incidents at Lahore's Jinnah House and Askari Tower. ATC Judge Manzar Ali Gul presided over the hearings and noted Ayub's failure to appear before the court as grounds for rejecting his bail pleas. A request for a one-day exemption from appearance was also denied. Also Read: Security forces kill 14 more terrorists in sanitization operation near Afghan border Ayub, who previously served as the opposition leader in the National Assembly, had secured interim bail in connection with the cases but was required to continue appearing before the court. His non-compliance resulted in the cancellation of his bail. Last month, the Faisalabad ATC sentenced top PTI leaders, including Ayub, to up to 10 years in prison in cases related to the May 9 protests. Leader of the Opposition in the Senate Shibli Faraz, Zartaj Gul, MNA Sahibzada Hamid Raza, and former MNA Sheikh Rashid Shafiq were among the 108 PTI leaders convicted out of 185 individuals implicated in the cases. Read: PM Shehbaz receives Saudi Crown Prince's invitation for Riyadh FII On Friday, the National Assembly removed three PTI leaders from key parliamentary positions following the disqualification of several party lawmakers. Ayub was stripped of his position as Leader of the Opposition, Gul lost her role as Parliamentary Leader, and Ahmad Chattha was removed as Deputy Parliamentary Leader. The May 9 protests—triggered by the arrest of PTI founder Imran Khan—led to a series of violent clashes across the country, with several PTI leaders and supporters facing charges under anti-terrorism laws. The state has since moved to prosecute those involved in the attacks on military and public infrastructure.
