Pakistan 2024-25 Budget
Pakistan will introduce an Rs 18 trillion budget today: The Pakistan Muslim League-Nawaz (PML-N) government will present its first growth-focused budget for the fiscal year 2024-25 today, with a total estimated spending plan of over Rs 18 trillion. The budget will be introduced by Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb in the National Assembly.
The government aims to address people’s challenges, enhance the agriculture sector, boost information technology (IT), and increase exports through this budget. Additionally, it plans to focus on fiscal management, revenue generation, economic stability, reducing non-development expenses, creating job opportunities, and implementing people-friendly policies to enhance the country’s socio-economic well-being.
Preparations for the budget announcement have been actively underway, involving various departments and ministries. This includes coordination for budget-related events such as presenting the budget in Parliament and releasing the Economic Survey.
It’s important to note that this budget comes at a time when Pakistan is in discussions with the International Monetary Fund (IMF) for a financial package worth up to $8 billion.
On Tuesday, Finance Minister Muhammad Aurangzeb presented the Economic Survey of Pakistan 2023-24. He shared that Pakistan’s gross domestic product (GDP) grew by 2.38 percent, surpassing the expected target of 2 percent.
During a press conference at the survey’s launch, Federal Minister for Finance Senator Muhammad Aurangzeb highlighted the country’s achievements in attaining macroeconomic stability despite various challenges. These achievements included a notable 30 percent increase in revenue collection, a reduced current account deficit, lower inflation rates, and a stable currency.
The finance minister emphasized that these developments marked a significant improvement from the previous economic situation. Previously, Pakistan faced a 0.2 percent contraction in GDP, a 29 percent depreciation of the rupee, and dwindling foreign exchange reserves, which had dropped to cover only two weeks’ worth of imports.
