Pakistan: Budget for fiscal year 2024-25 to be tabled in parliament on June 12
Jun 10, 2024
Islamabad [Pakistan], June 11 : The budget for the fiscal year 2024-25 will be tabled in Parliament on June 12, the federal government announced on Monday, according to ARY News.
The budget will be presented by the federal minister for finance and revenue, Senator Muhammad Aurangzeb.
"The budget will be aimed at mitigating the people's sufferings, transforming the agriculture sector, promoting information technology (IT), and boosting exports," ARY News reported citing the government sources.
In addition, the administration stated that the budget will include measures for economic growth and stabilisation, revenue mobilisation, a decrease in non-development spending, the creation of jobs, and people-friendly policies for the nation's socio-economic success.
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 the budget will be tabled at a time when Pakistan is already reeling under a major economic crisis and is looking forward to gain a deal of upto USD8 billion from the International Monetary Fund (IMF).
A day before the budget is released i.e on Tuesday (June 11), "The Economic Survey of Pakistan," a pre-budget document outlining the status of the nation's economy, will be presented.
The document would provide a realistic assessment and a foundation for future planning by highlighting the economy's overall performance over the previous fiscal year, reported ARY News.
The pre-budget document will be launched by Finance Minister Muhammad Aurangzeb.
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, according to ARY News.
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.
