Islamabad: The coalition government led by the PML-N is prepared to present its maiden budget for the fiscal year 2024–2025 amidst rumors of tax increases as the South Asian country seeks to obtain an additional rescue package from the IMF.
To avoid the impending default the Pakistani government is now negotiating a $6 billion to $8 billion credit arrangement with the international lender.
Later today, in the National Assembly, Federal Finance Minister Muhammad Aurangzeb will propose the budget, which has a total cost of Rs. 18 trillion.
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The current problems facing the economy on both the domestic and global fronts were taken into consideration when creating the budget. Therefore the document’s primary goals would be to lessen people’s suffering, improve the agricultural sector advance information technology (IT), increase exports, encourage industrial growth, and support enterprises.
The government is expected to set the revenue collection target at around Rs. 12 trillion for the fiscal year 2024–25, taking into account the strong growth of revenues during the current fiscal year (2023–24).
What is Pakistan’s budget for 2024–25 in rupees?
On June 12, Pakistan is scheduled to present its 2024–24 budget, which will have an overall cost of 18 trillion rupees.
How much will salaries increase with Pakistan’s budget for 2024–2025?
In Budget 2024–2025, it is anticipated that the federal government will raise staff pay by 10%–15%. The updated pay scales will take effect in July 2024.
Pakistan’s Economic Survey 2023–2024
Pakistan’s economy rebounded moderately as seen by a 2.38 percent GDP increase as opposed to a 0.21 percent decline the year before however it fell short of expectations.
At an event in Islamabad on Tuesday, Finance Minister Muhammad Aurangzeb disclosed as he released Survey 2023-24.
“Agriculture became the primary engine of economic expansion recording a 6.25 percent growth due to double-digit increases in the yield of major crops. The economic study stated, “The industrial and services sectors also demonstrated resilience each posting a growth of 1.21 percent.”
The current account deficit was controlled and by the end of May 2024, foreign exchange reserves had significantly improved to US$ 14.6 billion.
The fiscal sector made progress toward stability under the direction of focused reforms and consolidation initiatives. With a primary surplus overall, the fiscal deficit remained controllable. During the first eleven months, the rupee appreciated by nearly 3.0 percent, it stated.
Pakistan’s sustained progress towards economic recovery and stabilization makes the release of the Pakistan Economic Survey 2023–24 a momentous occasion.