Pakistan presents budget meeting IMF conditions for bailout

Pakistan's finance minister has presented the new federal budget to Parliament, proposing additional taxes and increasing electricity and gas tariffs to meet IMF conditions for getting a $6 billion bailout.

Hammad Azhar in Tuesday's speech also said no increase will be made in the defense budget.

His announcement came a week after the military said it will voluntarily cut its expenditures. The military's spending is hidden and not open to parliamentary scrutiny.

It is the first budget of Prime Minister Imran Khan's government, which came to power last year.

Khan has largely failed to meet promises of improving the economy, because of falling growth and increasing trade deficits.

Pakistan's currency had reached an all-time low against the dollar before a preliminary deal with the IMF was reached in May.