Ahead of the upcoming federal budget, Prime Minister Shehbaz Sharif has formed a high-level committee under Finance Minister Muhammad Aurangzeb to review major fiscal and economic matters.

The committee will examine the cross-subsidy system and consider recovery of alleged excess profits of around Rs 72 billion earned by oil marketing companies during global oil price fluctuations after regional conflicts.

Broad mandate for economic reforms

The panel will also evaluate key budget-related measures including expenditure rationalisation, prioritisation of development spending, reforms in the energy sector, and implementation of rightsizing across ministries and divisions.

Finance Minister Muhammad Aurangzeb will chair the committee, while ministers for economic affairs, planning, and law will serve as members. Former bureaucrat Musharraf Rasul has been appointed as chief technical adviser, along with the additional secretary budget.

Climate levy and IMF-linked reforms

Officials said the committee will also review the use and distribution of funds collected through the climate support levy. Under International Monetary Fund (IMF)-backed conditions, the levy is expected to be doubled from July 1.

The committee will present comprehensive recommendations to the prime minister after reviewing all major economic indicators and policy areas.

Authorities said the move is part of broader efforts to ensure fiscal discipline, improve efficiency, and align budget planning with long-term economic stability.