External broker reports(aggregated public sources), Topline Securities

Topline Securities

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External broker reports(aggregated public sources)

Cross Asset Strategy

<ul><li>`The newly PML-N led coalition Govt. is all set to present its first budget for FY25 between Jun 07-10, 2024 in the parliament. This timeline also correlates with the news, whereby, it was mentioned that, Staff Level Agreement (SLA) may be announced formally by end of Jun 2024 or early Jul 2024, after assuring satisfactory compliance with prior actions and amendments in some tax laws through finance bill 2024-25.</li><li>The Budget FY25 is likely to be the prior action of the IMF, in our view, and this will be key in taking Pakistan near to the SLA.</li><li>The budget will aim at targeting primary surplus of Rs500-700bn or 0.4-0.5% of the GDP along with FBR revenues target of Rs11-11.5tn, up 18-20% from this year estimated numbers of Rs9.2-9.4tn.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

`The newly PML-N led coalition Govt. is all set to present its first budget for FY25 between Jun 07-10, 2024 in the parliament. This timeline also correlates with the news, whereby, it was mentioned that, Staff Level Agreement (SLA) may be announced formally by end of Jun 2024 or early Jul 2024, after assuring satisfactory compliance with prior actions and amendments in some tax laws through finance bill 2024-25.The Budget FY25 is likely to be the prior action of the IMF, in our view, and this will be key in taking Pakistan near to the SLA.The budget will aim at targeting primary surplus of Rs500-700bn or 0.4-0.5% of the GDP along with FBR revenues target of Rs11-11.5tn, up 18-20% from this year estimated numbers of Rs9.2-9.4tn.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Topline Pakistan Federal Pre-Budget FY25 – Strict measures needed to get IMF loan