Pakistan’s Rs18 Trillion Budget to Focus on Growth and Development

News Desk3 weeks ago

The budget will be presented on the National Assembly floor by Senator Muhammad Aurangzeb, the federal minister of finance and revenue.

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.

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

According to the finance minister, this indicates a tremendous recovery from a hazardous economic scenario marked by a decrease in foreign exchange reserves to barely two weeks’ worth of import cover, a 0.2 percent GDP contraction, and a 29 percent depreciation of the rupee.

 

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