Pakistan plans to raise up to $1 billion through international bonds in the 2025/26 fiscal year, Finance Minister Muhammad Aurangzeb told Reuters, adding that up to $300 million will be raised through Chinese markets
"The first bond market we will access is the Chinese panda bond market, and our inaugural bond will raise the yuan equivalent of $250-300 equivalent," said Aurangzeb. He said once Pakistan's investment ratings improve, the ministry plans to tap European and other markets.
On Wednesday, the finance minister presented the budget for the upcoming fiscal year through June 2025.
Development-loaded Rs53.9 trillion Punjab budget announced
Meanwhile, the Punjab government on Thursday afternoon unveiled Rs53.9 trillion budget in the provincial assembly loaded with a record development outlay and massive tax measures.
Punjab Finance Minister Mujtaba Shujaur Rehman delivered the budget speech in the assembly amid ruckus by the Opposition members mainly belonging to SIC-PTI lawmakers.
Interestingly, members of key coalition partner of governing Pakistan Muslim League-Nawaz (PML-N) government, Pakistan Peoples Party (PPP), were absent from the budget session.
Journalists present in the press gallery also staged a protest against the enforcement of Punjab Defamation Act 2024.
Presenting the budget, he said that it had been proposed to increase the salaries of government employees from BPS-1 to 16 and 20 per cent raise in the salaries of the employees from BPS-17 to 22.
He said that pension of the retired government employees has been increased by 15 percent. "7,000 tube-wells will be shifted to solar panels. The laptop scheme will be started with an amount of Rs10 billion,” he added.
The minister said that an amount of Rs2.5 billion had been allocated for the undergraduate programme. "The dead schemes amounting to Rs350 billion will be restored. A sum of Rs20.5 billion has been earmarked for Danish schools,” he added.
He said that an amount of Rs69.74 billion had been allocated for the education sector. "Free solar panels will be given to those using up to 100 units. Farmers will be able to become tractor owners on easy instalments. An environment-friendly bus service will be started in five cities of Punjab,” he announced.
The government also unveiled plan to generate Rs1,97 billion through additional taxation measures. This year the volume of the budget is Rs910 billion more than last FY.
It is estimated to get Rs3,700 billion for NFC while the revenue is estimated at Rs1027 billion only.
As per the channel report, the government has decided to allocate Rs597 billion for salaries and Rs447 billion for pensions.
A 25% increase in salaries has been proposed as ad hoc relief while a 15% increase in the pension of retired employees is proposed.
Reuters/ NNI News