ISLAMABAD – The PML-N led coalition government is all set to unveil its first budget for fiscal year 2024-25 amid reports of hike in taxes as the South Asian country eyes to secure another bailout package from the International Monetary Fund.
The Pakistani government is currently in talks with the global lender for a loan deal ranging between $6 billion to $8 billion to avert the looming default.
Federal Finance Minister Muhammad Aurangzeb would present the budget with total outlay of Rs18 trillion in the National Assembly later today.
The budget had been formulated while considering the existing challenges being faced by the economy at domestic and international fronts. Hence, mitigating people’s sufferings, transforming agriculture sector, promoting Information Technology (IT), boosting exports, promoting industrial growth and bolstering businesses, would be the main focus of the document.
Keeping in view the robust growth of revenues during the current fiscal year (2023-24), the government is likely to set the revenue collection target at over Rs.12 trillion for the fiscal year 2024-25.
What is the budget 2024-25 of Pakistan in rupee?
Pakistan is expected to present the Budget 2024-24 with total outlay of 18 trillion rupees today on June 12.
How much salary increase in budget 2024-25 Pakistan?
The federal government is expected to increase the salaries of the employees by 10-15% in Budget 2024-25. The revised salaries will come into effect from July 2024.
Economic Survey of Pakistan 2023-24
Pakistan’s economy registered moderate recovery reflected by a GDP growth of 2.38 percent against previous year’s contraction of 0.21 percent but it missed the target.
Finance Minister Muhammad Aurangzeb revealed as he unveiled Survey 2023-24 at a ceremony in Islamabad on Tuesday.
“Agriculture emerged as a main driver of economic growth, registering a growth of 6.25 percent on the back of double-digit growth in output of major crops. Industrial and services sectors also showed resilience with each posting a growth of 1.21 percent,” read the economic survey.
Current account deficit was kept under check, with marked improvement in foreign exchange reserves, reaching US$ 14.6 billion by end May 2024.
The fiscal sector progressed towards stability, propelled by consolidation efforts and targeted reforms. Fiscal deficit remained manageable with an overall primary surplus. Rupee appreciated by almost 3.0 percent during the first eleven months, it said.
The release of Pakistan Economic Survey 2023-24 marks a significant event as it coincides with Pakistan’s steady progress towards economic recovery and stabilization.
