Federal Planning Minister Ahsan Iqbal has announced a significant cut of Rs 250 billion in Pakistan’s development budget even before its approval by parliament.
Speaking about the decision, Minister Ahsan Iqbal cited stringent conditions imposed by the International Monetary Fund (IMF) for the new economic program as the reason behind this reduction.
Addressing the media, Ahsan Iqbal expressed the challenges faced by the government, including poverty, lack of education, and mismanagement of resources.
He highlighted that the original Public Sector Development Program (PSDP) budget of Rs 1400 billion has now been slashed to Rs 1150 billion due to these economic constraints.
The minister emphasized that the current economic situation leaves no room for alternative choices and requires resource mobilization to address pressing financial issues.
He clarified that the decision to cut the development budget aims to alleviate the burden on the people and agricultural sectors, preventing the necessity for additional taxes.
Ahsan Iqbal mentioned the possibility of revising and potentially increasing the development budget in the upcoming financial year to better meet national economic needs.
