June 12: Pakistan’s Budget Day, Expectations Run High

News Desk3 hours ago

Senator Muhammad Aurangzeb, the federal minister of finance and revenue, will introduce the budget, which was created “considering” the current problems the economy is facing on both a national and international level.

As per the government sources, the budget is intended to alleviate the suffering of the people, revolutionize the agriculture sector, foster information technology (IT), and increase exports.

In addition, the administration stated that the budget will include measures for economic growth and stabilization, revenue mobilization, a decrease in non-development spending, the creation of jobs, and people-friendly policies for the nation’s socioeconomic success.

The government also claimed that in addition to fiscal management, revenue mobilisation, measures for economic stabilization and growth, reduction in non-development expenditures, job creation and people-friendly policies for the socioeconomic prosperity of the country would feature in the budget.

As per the scheduled deadlines, the federal budget announcement preparations for the fiscal year 2024–25 remained in full motion.

All of the ministries and departments involved in budget-related activities, such as the introduction of the Economic Survey and budget presentation in Parliament, are working closely together to produce the budget.

It is important to note that Pakistan is now negotiating a package worth up to $8 billion with the International Monetary Fund (IMF), at the same time that the budget is being presented.

Read more: Pakistan Budget 2024-25: SUPARCO Allocation Set at Rs 65.6 Billion

On Tuesday, the day before the budget is released, “The Economic Survey of Pakistan,” a pre-budget report outlining the status of the national economy, will be presented. The study would provide a realistic assessment and a foundation for future planning by highlighting the economy’s overall performance over the previous fiscal year.

The pre-budget document will be introduced in the National Assembly by Finance Minister Muhammad Aurangzeb, the ministry announced in a statement. The study is being released ahead of the federal budget 2024–25, which is scheduled to be unveiled on Wednesday, June 12.

The Economic Survey of Pakistan will include information on the main socio-economic advancements, business performance, and economic trends of the country’s many economic sectors, such as capital markets, health, education, transportation and communication, energy, agriculture, manufacturing and industry, services, and information technology and telecom.

The survey will also provide a detailed description of the annual trends of the main economic indicators with reference to employment, population, employment trends, trade and payments, public debt, inflation, employment, climate change, and social safeguards.

 

Leave a Reply

Your email address will not be published.