Pakistan has agreed with the International Monetary Fund (IMF) on changes in tax policy, budgeting, and public finance management for the upcoming budget.
Sources said that a technical report on the budget proposals for the upcoming fiscal year will be submitted to the Finance Ministry in January. The IMF technical delegation returned with suggestions for significant changes in the budget.
According to sources, the Ministry of Finance will prepare final proposals for changes in budget implementation to the IMF by next month. 15 proposals for changes in the budget implementation process were under consideration with the IMF technical delegation.
The suggestions include creating a public finance management digitized plan, forming a committee to oversee the PFM digitized plan, using a complete e-office for budget preparation, e-pads, and eliminating discrepancies from data.
Sources further said that budgeting based on new data and increasing consultation with all ministries in budget preparation are also included in the proposals, while the technical mission has also discussed proposals for important changes in the tax policy for the upcoming new budget.
