The federal government is now expected to present the budget for the upcoming fiscal year on June 10, instead of the earlier suggested date of June 2, according to a spokesperson for the Ministry of Finance.

The spokesperson said the budget will be presented in the National Assembly on June 10, with the date being moved to ensure comprehensive preparations and proper finalisation of all related matters.

Earlier, ministry sources said the budget was being tabled on June 2.

The change comes as talks between Pakistan and the International Monetary Fund (IMF) regarding the federal budget are ongoing. Sources say negotiations are likely to conclude today, with expected progress on proposals to lower tax rates on industries.

Sources have also indicated that there could be developments regarding an increase in the defence budget, and that a working framework to reduce overall expenditures is expected to be finalised soon.

The government is reportedly making efforts to ease the tax burden on salaried individuals, while also proposing reductions in tax rates for the industrial sector.

Details to enhance tax and non-tax revenue have also been shared with the IMF, according to sources. The talks are expected to include discussions on a framework for the collection of agricultural income tax, while Pakistan has also presented a plan to boost provincial revenues to the IMF.

The IMF delegation has met with Prime Minister Shehbaz Sharif, President Asif Ali Zardari, and Deputy Prime Minister Ishaq Dar, with positive outcomes anticipated from these meetings.

Technical-level discussions between the IMF and Pakistan’s economic team have been ongoing in Islamabad for the past five days, with talks expected to continue into June.