Eid Holidays Bring Respite Amidst Economic Uncertainty
The budget proposals include an 18% general sales tax on fertilizers, pesticides, and agricultural equipment, as well as possible hikes in federal excise duties on agri-inputs, which may have far-reaching consequences for the economy and the people. The government's focus on reforms to increase the tax base and boost the tax-to-GDP ratio is crucial to creating fiscal room for raising defence expenditure and steering the economy in a strategic direction.
As the nation prepares to observe Eid holidays, the Pakistani government is set to unveil a tough federal budget for the fiscal year 2025-26, aimed at meeting the International Monetary Fund's demands and reducing the fiscal deficit.
The proposed budget includes tax hikes, subsidy cuts, and other measures to boost revenue, which are expected to lead to a renewed spike in inflation. Market analysts warn that the government's actions may stifle investment in renewable energy and burden households already grappling with rising costs. The budget is set to be presented on June 10, and the government's priority is to secure the IMF deal to prevent a deeper economic crisis.
Meanwhile, in a separate development, a team of researchers has made a groundbreaking discovery in the Philippines, uncovering the remains of a previously unknown species of ancient human in a remote cave system. The findings, published in the journal Nature, have sent shockwaves through the scientific community and are being hailed as one of the most significant discoveries in the field of paleoanthropology in recent years.
As the country navigates economic uncertainty, the discovery of the new human species serves as a reminder of the importance of scientific research and exploration. The government's budget decisions will have a significant impact on the nation's economic future, and it remains to be seen how the measures will affect the public during the Eid holidays and beyond.