The Pakistan Muslim League-Nawaz (PML-N)- led federal government is set to present its growth-focused budget for fiscal year 2024-25 today, with an allocation exceeding Rs18 trillion.
Finance and Revenue Minister Senator Muhammad Aurangzeb will unveil the budget in the National Assembly.
According to government sources, the budget aims to alleviate public hardships, revolutionize agriculture, enhance information technology, and elevate exports. It includes strategies for fiscal management, increased revenue, economic stability, and growth. Additionally, it focuses on cutting non-development spending and fostering job creation for socioeconomic improvement.
Preparations for the budget announcement are progressing swiftly, adhering to set timelines. Coordination among various departments ensures a seamless budget presentation and related activities in Parliament, including launching the Economic Survey.
This budget presentation coincides with ongoing discussions with the International Monetary Fund for an up to $8 billion aid package. On Tuesday, Finance Minister Aurangzeb reported at the Economic Survey launch that Pakistan achieved a 2.38 per cent GDP growth, surpassing the 2 per cent target.
At the press conference, Aurangzeb highlighted the country’s strides toward macroeconomic stability, noting a 30 per cent increase in revenue collection, a narrower current account deficit, reduced inflation, and a stable currency. This marks a significant recovery from previous economic challenges, including a 0.2 per cent GDP contraction, a 29 per cent rupee depreciation, and dwindling foreign reserves, which had fallen to a mere two weeks of import coverage.
