The International Monetary Fund has imposed new conditions on the Punjab government, requiring significant financial adjustments in the upcoming fiscal year. The IMF has set a target for the Punjab government to save at least 630 billion rupees in the next financial year. The conditions were laid out during a video link meeting between IMF officials and the Punjab government representatives. The channel reported that this target must be achieved through savings from all sources of income and expenditures. The Punjab government now faces the critical task of identifying areas for cost-cutting and revenue generation to meet this ambitious savings target. The IMF has also raised concerns regarding the raising pension burden in Pakistan as some retired government employees in the country were receiving more than Rs 1.6 million in pension. Sources close to the development disclosed that the IMF is worried about the issue of double pensioners. According to documents, an estimated Rs 1,014 billion will be allocated for pensions in the upcoming budget 2024-25.
The documents further reveal that pensions will see a 15 percent increase in the new budget, requiring an additional Rs 122 billion to cover this increment.
Notably, the monthly pension for 95 retired officers in Pakistan exceeds Rs 500,000, while 3,081 retired officers receive more than Rs 200,000 per month.
