Annual Budget Statement

FEDERAL BUDGET 2025-26

ANNUAL BUDGET STATEMENT GOVERNMENT OF PAKISTAN FINANCE DIVISION ISLAMABAD

PREFACE

Article 80(1) of the Constitution of the Islamic Republic of Pakistan stipulates that the Federal Government shall, for every financial year, lay before the National Assembly a statement of estimated receipts and expenditure of the Federal Government for that year, known as the Annual Budget Statement. As per Article 80(2), the statement must show separately the charged and other expenditures from the Federal Consolidated Fund, and must also distinguish expenditures on revenue account from other expenditures. In accordance with Article 73(1) of the Constitution, the statement is also transmitted to the Senate.

Section 4 of the Public Finance Management Act, 2019, requires that the Annual Budget Statement shall include a statement of purpose, a statement of contingent liabilities of the Federal Government, and a statement of fiscal risks. Additionally, Section 8 of the Act requires the Federal Government to lay before the National Assembly a statement of estimated tax expenditure for each financial year.

Furthermore, Sections 5 and 10 of the Fiscal Responsibility and Debt Limitation Act, 2005, require the presentation of a medium-term budgetary statement and statements of responsibility to the National Assembly. These are also included as part of the Annual Budget Statement.

It is further noted that the Explanatory Memorandum on Federal Receipts and the Demands for Grants and Appropriations form the explanatory portion of the Annual Budget Statement for FY2025-26.

IMDAD ULLAH BOSAL

Secretary to the Government of Pakistan

Finance Division Islamabad, the 10^th June, 2025

CONTENTS

PAGE

SUMMARY OF RECEIPTS

Federal receipts are categorized as Revenue Receipts, Capital Receipts, Public Account Receipts and External Receipts. These receipts, except Public Account Receipts, become part of the the Federal Consolidated Fund.

As per Section 22 of the Public Finance Management Act, 2019, the operation of the Federal Consolidated Fund and the Public Account of the Federation rests with Finance Division.

REVENUE RECEIPTS

Revenue Receipts constitute major component of total Federal resources. Revenue Receipts are categorized as Tax Revenue Receipts and Non-Tax Revenue Receipts, and are derived from the following sources:-

Tax Revenue Receipts

Tax Revenue is administered by the Federal Board of Revenue (FBR), which comprises of Customs Duty and Inland Revenue i.e Direct Taxes, Sales Tax and Federal Excise Duty. FBR taxes may also be categorized as Direct Taxes and Indirect Taxes. Direct Taxes comprise of Income Tax, Capital Value Tax, WWF (Ordinary Collection) and Contribution under Companies Profit (WPPF). Indirect Taxes include Sales Tax, Federal Excise Duty and Customs Duty. A snapshot of Budget Estimates is as under:-

(Rs in million)

REVENUE RECEIPTS

Non-Tax Revenue Receipts

As per Section 2(a) of the Public Finance Management Act, 2019 (amended), Non-Tax Revenue means revenues received by the Government in terms of Article 78(1) of the Constitution and the recurring income of the Government from investments and provision of services but does not include those mentioned in Article 160(3) of the Constitution. Non-Tax Revenue of the Federal Government is administered by various Ministries / Divisions / Departments. Budget Estimates are as under:-

Contd….

(Rs in million)

CAPITAL RECEIPTS

Capital receipts comprise of Recoveries of Loans and Advances from Provinces and other entities and Public Debt which includes Permanent Debt and Floating Debt. Budget Estimates are as under:-

(Rs in million)

EXTERNAL RECEIPTS

External Resources comprise of loans and grants received from multilateral, bilateral and other sources. Budget Estimates are as under:-

( Rs in million)

PUBLIC ACCOUNT RECEIPTS Article 78(2) provides that all other monies received by or on behalf of the Federal Government shall be credited into the Public Account of the Federation. Therefore, all the monies received by or on behalf of the Federal Government in terms of Article 78(2) are Public Account receipts which are not revenues in terms of Article 78(1) of the Constitution. However, such Public Account receipts cannot be operated without establishment of Special Purpose Funds, deposits, reserves etc under the authority of an act of the Parliament or with the approval of the Federal Government.There are two sources of Public Account Receipts as under:-

National Savings Schemes

National Savings Schemes include Savings bank accounts, Defence Savings Certificates, Special Savings Certificates, Pensionery Benefit Accounts, Behbood Savings Certificates etc.

Deposits and Reserves (Receipts) Deposits and Reserves represent all monies forming part of the Public Account of the Federation as per Article 78(2) of the Constitution of Islamic Republic of Pakistan. Budget estimates of receipts in the following table are however subject to fulfillment of following stipulations:- (i) The funds appropriated by the National Assembly out of Federal Consolidated Funds in terms of Articles 80 to 84 of the Constitution for a particular financial year (being lapsable) shall be utilized as per Cash Management and TSA Rules 2024 and shall not be deposited under these deposits and reserves heads of account (being non-lapsable) under the Public Account.

(ii) The maintenance and operation of all these funds, deposits, reserves etc shall be subject to their due establishment either under the authority of an act of Parliament or with the approval of the Federal Government, as the case may be.

(iii) Revenues in terms of Article 78(1) of the Constitution shall not be deposited in these deposits and reserves heads of account under the Public Account. The revenues shall only be deposited in the respective heads of account of tax revenue and non tax revenue.

(iv) Receipt of funds into these deposits and reserves heads of account shall only be allowed by the Accounting Offices subject to compliance of the stipulations at (i) to (iii) above and to the extent of reconciled available balance under the respective head of account.

Contd…..

(Rs in million)

Contd…..

(Rs in million)

SUMMARY OF EXPENDITURE

(Current & Development)

In this table, the Budget Estimates of current expenditure (on revenue and capital account) and Budget Estimates of Development expenditure (on revenue and capital accounts) have been mentioned as per Article 80(2) of the Constitution of Pakistan.

( Rs in million)

Current Expenditure on Revenue Account

Current Expenditure on Revenue Account

Current Expenditure on Revenue Account

(Rs in million)

Revised Estimates 2024-25 are as of 16th May, 2025 based on SAP System

Current Expenditure on Capital Account

Development Expenditure on Revenue Account

( Rs in million)

Contd…..

Development Expenditure on Revenue Account

Revised Estimates of Development Expenditure 2024-25 are as of 05th June, 2025 based on SAP System

Development Expenditure on Capital Account

CAPITAL EXPENDITURE

The expenditure incurred on repayment of domestic debt is termed as Capital Expenditure.

PUBLIC ACCOUNT EXPENDITURE

National Savings Schemes

The expenditure incurred on repayment of National Savings Schemes is termed as Public Account Expenditure.

( Rs in million)

Contd…..

Deposits and Reserves

Deposits and Reserves represent all monies forming part of the Public Account of the Federation as per Article 78(2) of the Constitution of Islamic Republic of Pakistan. Budget estimates of Expenditure (withdrawal of funds) from the Deposits and Reserves as depicted in the following table are however subject to fulfillment of following stipulations:-

(i) The maintenance and operation of all these funds, deposits, reserves etc shall be subject to their due establishment either under the authority of an act of Parliament or with the approval of the Federal Government, as the case may be.

(ii) Withdrawal of funds from these deposits and reserves heads of account shall only be allowed by the Accounting Offices subject to compliance of the stipulations at (i) above and to the extent of reconciled available balance under the respective head of account.

(iii) There shall be no authority of direct access to Central Account No.1 (Non Food) in SBP.

(iv) Withdrawal of funds from these Deposits and Reserves heads of account shall be in accordance with the provisions of Public Finance Management Act, 2019, Cash Management and Treasury Single Account Rules 2024 and the Special Assignment Account Procedure for the Public Account of the Federation 2021. Personal Ledger Accounts shall not be used for withdrawal of funds.

Contd.....….

( Rs in million)

(Rs in million)

STATEMENT OF ESTIMATED CHARGED AND VOTED EXPENDITURE

In terms of Article 80(2) of the Constitution of Pakistan, this statement distinguishes charged and voted expenditure.

Statement of Purpose

This Statement is submitted in accordance with Section 4 of the Public Finance Management Act, 2019. Aligned with the Federal Government’s policy priorities, the demands for grants for FY2025-26 primarily address debt servicing of both domestic and external obligations, as well as funding for recurrent and development expenditures aimed at revitalizing sustainable economic growth. The government remains focused on critical sectors such as health, education, climate resilience, gender equity, and social sector development.

The Federal Government remains firmly committed to providing relief to the most economically vulnerable populations. Through targeted social protection initiatives, including subsidies on essential commodities such as food and electricity, the Government seeks to cushion the impact of ongoing economic challenges. At the same time, to stimulate economic activity and expand employment opportunities, the Government will continue to support the industrial and agricultural sectors, with particular emphasis on small and medium enterprises (SMEs).

IMDAD ULLAH BOSAL Secretary to the Government of Pakistan

Finance Division Islamabad, 10^th June, 2025

Schedule-I Statement of Demand-Wise Expenditure for Budget Estimates 2025-26

(Rs . in million)

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(Schedule III)

Statement of Object Classification Wise Expenditure

STATEMENT OF CONTINGENT LIABILITIES OF THE FEDERAL GOVERNMENT

1. Contingent liabilities of Pakistan are primarily guarantees issued on behalf of Public Sector Enterprises (PSEs). The sovereign guarantee is normally extended to improve financial viability of projects or activities undertaken by the government entities with significant social and economic benefits. It allows public sector companies to borrow money at lower costs or on more favourable terms and in some cases allows to fulfil the requirement where sovereign guarantee is aprecondition for concessional loans from bilateral/multilateral agencies to sub-sovereign borrowers.

2. The volume of new government guarantees issued during a financial year is limited under Fiscal Responsibility and Debt Limitation Act which stipulates that the government shall not give guarantees aggregating to an amount exceeding two percent of the GDP in any financial year including those for rupee lending, rate of return, outright purchase agreements and other claims and commitments provided the renewal of existing guarantees shall be considered as issuing a new guarantee.

3. During Jul-Mar FY25, the Government issued fresh/rollover guarantees aggregating to PKR 405 billion or 0.35 percent of estimated GDP. The outstanding stock of guarantees was PKR 3,448 billion at end-March 2025. Presently, this amount excludes the guarantees issued for commodity operations, due to their self liquiditing nature, which stood at PKR 1075 billion as on end March-2025. These guarantees are issued against commodity financing operations undertaken by Trading Corporation of Pakistan (TCP), Pakistan Agriculture Storage & Services Corporation (PASSCO), and Provincial Governments.

Table-1: Summary of Outstanding Government Guarantees

(Rs in billion)

4. Sector-Wise, Entity Wise and interest rate wise share of the guarantees at end March 2024are as follows:

Table 2: Outstanding Position of GoP Guarantees

Entity Wise Breakup

Table 2: Outstanding Position of GoP Guarantees

5. The estimates of guarantees to be issued from April 2025 till June 2026 are as follows:

Table 3: Estimated Guarantees Issuance and Position (Q4 FY 25 and FY 26) (Rs in billion)

Note

(i) Expected external guarantees are converted into PKR at exchange rate of 290

(ii) The estimates are developed based on requests received from different PSEs and issuing wings during the ongoing Fiscal Year. This amount exlcudes Roll-overs. (iii) The guarantees of which LoCs have already been issued before March 2025 are incorporated in Opening Guaranteed Debt Position as at End March 2025.

Statement of Fiscal Risks 2025-28

Statement of Fiscal Risks for 2025-28 provides a comprehensive analysis of the uncertainties that could affect Pakistan’s fiscal outlook beyond the official MediumTerm Budgetary Framework projections. It categorizes these risks into macroeconomic, revenue, debt, State-Owned Enterprises (SOEs), climate change, natural disasters, and other contingent liabilities, quantifying their possible impacts on the fiscal deficit and suggesting mitigation measures to manage these risks effectively.

Macroeconomic Risks:

Macroeconomic risks primarily arise from slower-than-expected GDP growth, inflation shocks, and exchange rate volatility. A one percentage point slowdown in GDP growth could reduce government revenues due to lower tax collections and increase expenditures on automatic stabilizers such as social safety net programs. This combined effect could widen the fiscal deficit by roughly 0.13 percent of GDP in FY 2025-26. Inflation spikes and currency depreciation may further strain public finances, though these effects are more challenging to quantify precisely.

Revenue Risks:

Revenue collection remains vulnerable to lower tax buoyancy, slower economic growth, and underperformance in key revenue sources. Should tax revenues grow at only half the anticipated rate, the fiscal deficit could increase by approximately 0.4 percent of GDP. Additional revenue risks include a potential 30 percent decline in State Bank profits transferred to the government, which alone could widen the deficit by 0.32 percent of GDP, and a 20 percent shortfall in petroleum levy collections, increasing the deficit by about 0.2 percent. These factors indicate the government’s reliance on volatile revenue streams and the importance of improving tax administration and compliance.

Debt-Related Risks:

Debt servicing costs represent a significant fiscal vulnerability. A 2-percentage point increase in domestic interest rates and a 1 percentage point rise in external interest rates could lead to higher interest payments, raising the fiscal deficit by an estimated

0.42 percent of GDP. Additionally, refinancing risks from maturing debt could add about 0.04 percent to the deficit. Exchange rate depreciation could increase the burden of external debt servicing, further complicating debt sustainability.

SOE-Related Risks:

State-Owned Enterprises pose fiscal risks through potential shortfalls in dividend payments and increased government support. A decline in SOE dividends by 6.1 percent relative to projections could add around 0.02 percent of GDP to the deficit. Increased government financial support to SOEs, amounting to 1.5 percent of GDP, could exacerbate the fiscal gap by a similar margin of 0.4 percent. Additionally, risks linked to energy sector reforms and the transition to clean energy, such as restructuring costs, may increase the fiscal deficit by an estimated 0.15 percent, reflecting the financial challenges in this sector.

Climate-Related Risks:

The fiscal impact of climate change varies across scenarios. Under the moderate RCP2.6 scenario, increased government spending on green infrastructure and climate adaptation could raise the fiscal deficit by 0.28 percent of GDP in the short term. In contrast, the more severe RCP8.5 scenario anticipates lower short-term fiscal impacts but greater long-term costs due to increased frequency and severity of climate-related disasters. These projections highlight the growing fiscal burden of climate adaptation and mitigation policies.

Natural Disaster Risks:

Natural disasters represent the largest fiscal risk identified in the statement. Without dedicated disaster risk financing mechanisms, an average disaster event could increase the fiscal deficit by as much as 1.03 percent of GDP. However, with effective disaster risk financing tools such as catastrophe bonds or insurance funds, this impact could be reduced to approximately 0.44 percent of GDP. This finding emphasizes the critical need for enhanced disaster preparedness and financing frameworks to shield public finances.

Other Fiscal Risks:

Additional contingent fiscal risks include the invocation of government guarantees linked to commodities, which could increase the fiscal deficit by around 0.11 percent

of GDP if 25 percent of guarantees are called. Rising international oil prices, specifically a $20 per barrel increase, are projected to add 0.37 percent of GDP to the deficit due to higher subsidy costs and import bills. Furthermore, a 10 percent growth in tax expenditures, reflecting expanding tax exemptions and incentives, could increase the fiscal gap by about 0.16 percent, pointing to the need for rationalizing tax expenditures.

Risk Assessment and Combined Effects:

The statement emphasizes that natural disasters, interest rate hikes, and revenue shortfalls constitute the largest fiscal risks. It also highlights the potential for multiple simultaneous shocks to significantly magnify fiscal pressures, underscoring the importance of integrated risk management and contingency planning across all sectors to maintain fiscal stability.

Mitigation Strategies:

To counter these risks, the government intends to enhance revenue mobilization by broadening the tax base and improving compliance. Public expenditure will be managed more efficiently to protect key social and development programs. Debt management policies will focus on extending maturities and increasing fixed-rate borrowing to reduce vulnerability to interest rate shocks. SOE reforms aim to improve financial discipline and reduce contingent liabilities. The government plans to scale up investments in green infrastructure and climate resilience, alongside establishing disaster risk financing instruments like catastrophe bonds and disaster funds. Finally, tighter oversight of government guarantees and more targeted subsidy programs will help mitigate other contingent fiscal exposures.

Conclusion:

This Statement of Fiscal Risks equips policymakers and stakeholders with a detailed and quantified understanding of Pakistan’s fiscal vulnerabilities over the medium term. It acknowledges the inherent uncertainties in economic conditions and external shocks while outlining proactive, cross-sectoral measures designed to strengthen fiscal resilience, improve transparency, and safeguard macro-fiscal stability amid evolving challenges

STATEMENT OF ESTIMATED TAX EXPENDITURE

Section 8 of the Public Finance Management Act 2019 provides that the Federal Government shall in respect of every financial year cause to be laid before the National Assembly, Finance Bill consistent with Article 73 of the Constitution including a statement of estimated tax expenditure of the Federal Government.

2. Tax Expenditure Report 2025 is being presented before the Parliament providing the details of tax expenditure in FY 2023-24 which involves tax expenditure of Sales Tax of Rs. 1,237.107 billion ,¹ a tax expenditure of Income Tax at Rs. 545.229 billion and tax expenditure of Custom duty of Rs. 652.390 billion . This amounts to a tax expenditure of Rs. 2,434.726 billion which is 2.32 percent of GDP compared to 4.6 percent of GDP in the FY 2022-23. (Rashid Mahmood) Chairman FBR/ Secretary Revenue Division

10^th June, 2025

1In FY 2022-23 figure of Sales Tax Expenditure included sales tax exemption on POL products on which Petroleum Development Levy (PDL) is being charged. In presence of PDL, sales tax cannot be levied. Hence exemption from sales tax is not tax expenditure as consumers are, in any case, paying PDL.

Rs . In Billion

Medium-Term Budgetary Statement (2025-26 to 2027-28)

Federal Government includes Medium-Term Budgetary Statement, consistent with the principles of sound fiscal and debt management, in the Annual Budget Statement to be laid before the National Assembly each year as per requirement under Section 5 of the Fiscal Responsibility & Debt Limitation Act, 2005.

2. Pakistan’s economy witnessed a moderate recovery in FY2024 which laid a sound foundation for further strengthening growth prospects in FY2026 and over the medium term. The Government has been able to stabilize the economy through various short-term policy measures and initiate the long-term sustainable growth agenda.

3. The effective consolidation efforts have reinforced the fiscal discipline during Jul-Mar FY2024-25, with revenue growth outpacing expenditures. The growth trend in tax collection is indicative of improving economic conditions, gradual recovery in business activities, and effective enforcement measures. Consequently, the revenue landscape presents a promising outlook. Prudent expenditure management has helped in containing the deficit. Notably, the sharp increase in markup expenditures observed over the last three years has eased in the current fiscal year, due to a reduction in the policy rate, thus providing relief to fiscal account. Similarly, the Government's persistent efforts to curtail non-markup expenditures through austerity and reform measures thus facilitate a continuous improvement in primary surplus.

4. Resource mobilization and increasing revenues to an optimum level over medium-term is a critical challenge to meet expenditures. Government is focusing all its efforts to optimize tax collection through robust measures such as revamping of FBR, supporting digitization and IT base solutions, removing tax distortions and implementing tax regulations effectively. Similarly, realizing the importance of nontax revenues (NTR), the Government is exploring all avenues to increase inflows. Going forward, Government is committed to maintain this growth.

5. On the expenditure side, the Government is ensuring the support to social sector development through health, education, youth and gender sensitive allocations. For social inclusion and pro-poor interventions, spending on BISP, Pakistan Bait-ul-Mal and Utility Stores Corporations have been protected. Funding for social sector such as health, education and other SDGs including climate change have also been ensured. In order to support industrial and agricultural sectors, funds have been made available. At the same time, austerity measures remain in place for curtailing of non-essential spending. Stable financial health and fiscal discipline over medium-term will ensure the Government's to create a balance between providing relief to the common man and meet other essential expenditures.

Climate Budget Statement

The challenge of climate change posing socioeconomic risks to Pakistan demands urgent attention. The federal government is cognizant of macro-fiscal implication of climate change and is working towards economic diversification to strengthen fiscal resilience by focusing on greener economy through introducing climate resilience infrastructure and new industries. Federal government has adopted a climate budget as a governance system to mainstream climate considerations into policy decision making. Green budgeting will enable the government in prioritizing climate by integrating it into the budgeting process so as to ensure implementation, monitoring, evaluation and reporting across line ministries and departments.

Climate Budget Tagging (CBT) tool has been used to tag climate-sensitive budgetary and expenditure data based on the National Climate Change Policy. Through a consultative process involving all stakeholders, more than of 5,000 cost centers under three major classifications (adaptation, mitigation, and other supporting areas) and forty minor sub-classifications have been tagged successfully in SAP system for accounting and reporting purpose. This will enable the government in monitoring and tracking climate related spending and reports can be made available on regular basis. Climate budget tagging is being extended to grants and subsidies for FY202526 and subsidies have been mapped. Ministry of Finance has taken a step further by developing methodology to capture green component in revenues. For FY2025-26, 35% NTR and 9.4% gross revenues have been identified as green components.

For FY2025-26, the government has allocated funds to tackle climate change as 6.9% of the current budget and 8.2% of the development budget. In grants, a share of 0.2% and almost 50% of subsidies are climate responsive. All of these interventions will allow the federal government to make targeted allocations to respond to climate change risks in future.

Gender budget Statement

Article 25 of the Constitution of Pakistan, 1973 provides that there will be no gender discrimination, while Article 35 directs the Sate to ensure full participation of women in all spheres of national life. Gender inequality is a cause of concern at domestic and international data and indices suggest a gap between men and women in terms of education, health, employment and economic opportunities. Pakistan’s economic potential can only be fully realized once this gap closes.

As the Government works to reduce gender inequality and ensure provision of equal rights to all citizens, one major impediment is lack of gender-disaggregated data. As a first step, the government is attempting to identify gender disaggregated data on public expenditure. The federal government has segregated gender sensitive budgets and expenditures of all ministries, divisions and departments, thereby allowing policymakers to have better insight on gender responsive policies and strategies. Public expenditure of more than 5,000 cost centers of the federal budget has been segregated under six major gender classifications (equality & quality of education, health & well-being, governance & data systems, employment & economic opportunity, safety & security, and agency, political participation & meaningful engagement). This will assist in effective and efficient spending to tackle gender inequality. This budget tagging exercise also helps in monitoring and tracking of cross cutting SDGs on health, education, nutrition etc.

For FY2025-26, the government has allocated 9.2% of the current budget and 6.9% of the development budget to gender sensitive areas.

Disaster Budget Statement

Disaster risk is a combination of extreme natural events and vulnerability. Due to its diverse geography and climate change, Pakistan is prone to natural disaster. According to the World Risk Report 2023, Pakistan has been ranked 11^th highest disaster risk prone worldwide. Cognizant of this, Government of Pakistan has passed laws, instituted disaster management authorities at the federal and provincial levels, and established disaster funds to manage and mitigate such risks. However, data on public expenditure on disaster preparedness, recovery, and rehabilitation was not available in past. Each year, the Government budgets and spends millions of rupees to deal with disasters. Tagging and tracking this expenditure is necessary for evidence-based policy-making and accountability. In 2024, the federal government decided to tag more than 5,000 cost centers on four major disaster classifications (preparedness, response, recovery & rehabilitation, and reconstruction) through a consultative process.

All ministries and divisions of the Federal Government have participated in the tagging of their respective cost centers, increasing this exercise’s outreach, transparency, and ownership. This tagging and tracking of budget and expenditure on disaster sensitive areas will assist the Federal Government in effectively mitigating risk and managing disasters.

For FY 2025-26, the government has allocated 1% of federal budget for disaster.

Government of Pakistan

Finance Division

STATEMENT OF RESPONSIBILITY

Stated that all policy decisions with material economic or fiscal implications that the Federal Government has made before 10^th June 2025, the day on which the contents of the economic policy statements were finalized and all other circumstances with material economic or fiscal implications of which I was aware before that day, have been communicated to the Secretary of Finance in terms of Section 10(1)(a) of Fiscal Responsibility and Debt Limitation Act, 2005.

The statement to the best of my knowledge provides for: -

• a. The integrity of the disclosures contained in the economic policy statement;

• b.the consistency with requirements of the Act of the information contained in the economic policy statements; and

• c. the omission from the economic policy statement of any decision or circumstance specified in sub-section (3) of section 8 of the Act.

(Muhammad Aurangzeb)

Minister for Finance and Revenue

Government of Pakistan Finance Division

STATEMENT OF RESPONSIBILITY

Stated that the Finance Division, interms of Section 10(1)(b) of Fiscal Responsibility and Debt Limitation Act, 2005, has supplied to the Minister for Finance and Revenue, using its best professional judgment on the basis of economic and fiscal information available to it before 10^th June 2025, the day on which the contents of the economic policy statements were finalized, an economic and fiscal statement incorporating the fiscal and economic implications of those decisions and circumstances, but any decisions or circumstances that the Minister for Finance and Revenue has determined under Sub-section (3) of Section 8 of the Fiscal Responsibility and Debt Limitation Act 2005 have not been incorporated in the statement.

IMDAD ULLAH BOSAL

Secretary to the Government of Pakistan

Finance Division,

Islamabad, the10^th June, 2025