The upcoming federal budget will provide relief to employees and further reductions in electricity costs, federal Finance Minister Muhammad Aurangzeb said on Thursday.

Aurnagzeb announced that a detailed relief plan for that grade has been completed and will be shared with the International Monetary Fund (IMF). He added that efforts are underway to lower power bills by July or earlier.

Aurangzeb stated that all IMF goals have been met and the Fund’s Executive Board is expected to approve the staff level agreement in May.

Pakistan also expects the release of the next $ 1 billion loan tranches along with additional climate financing.

The Minister of Finance noted that 98% of the budget proposals from the public and private sectors have been received and relevant stakeholders will be informed of what proposals are possible before the budget has been submitted in parliament.

He clarified that the budget will be implemented in its final form from July 1 without changes after approval to ensure quick execution.

Aurangzeb also commented on tax reform and said that although tax collection from traders has improved, the trader should not be linked to income collection.

A simplified tax return is being developed for general use, and tax policy is now falling directly under the Ministry of Finance.