Pakistan Set to Unveil Rs 18 Trillion Outlay for 2024-25 Budget

Pakistan Set to Unveil Rs 18 Trillion Outlay for 2024-25 Budget — Pakistan is poised to present its federal budget for the fiscal year 2024-25 today, with an estimated outlay exceeding Rs 18 trillion.

The budget will be presented before the National Assembly by Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb.

The formulation of this budget has been guided by the pressing economic challenges facing the country both domestically and internationally. Key areas of focus include alleviating public hardships, transforming the agriculture sector, promoting Information Technology (IT), boosting exports, fostering industrial growth, and supporting businesses. The government has emphasized its commitment to delivering a pro-people, business-friendly, and progressive budget.

A central aim of the 2024-25 budget is fiscal consolidation to control the budget deficit. This will involve stringent fiscal management, revenue mobilization, and measures designed to stabilize and grow the economy. The budget also aims to reduce non-development expenditures, create jobs, and implement policies that promote socioeconomic prosperity.

In addition to these objectives, the budget will place a strong emphasis on social sector development and introduce reforms aimed at improving governance and encouraging private sector investment. To achieve these goals, the government plans to introduce measures to enhance the tax collection system, broaden the tax base, and provide better facilitation to taxpayers.

Given the robust growth in revenues during the current fiscal year (2023-24), the government is expected to set an ambitious revenue collection target of over Rs 12 trillion for the 2024-25 fiscal year. This target reflects the government’s confidence in its ongoing revenue mobilization efforts and its commitment to further strengthening these initiatives.

The preparation for the announcement of the federal budget for 2024-25 has been in full swing, adhering to the prescribed timelines. The process has involved close coordination between all relevant departments and ministries to ensure a comprehensive and cohesive budget presentation. This collaborative effort has been critical in aligning the budget with the broader economic objectives and ensuring that all sectors are adequately represented.

The budget will be accompanied by the launch of the Economic Survey, which will provide a detailed overview of the country’s economic performance over the past year and set the context for the upcoming fiscal plans. This survey is an essential tool for understanding the economic landscape and the challenges that the budget aims to address.

As the government unveils the 2024-25 budget, all eyes will be on the proposed measures and their potential impact on the economy. The focus on mitigating public hardships, supporting key sectors, and promoting fiscal stability is expected to resonate with a broad spectrum of stakeholders, including businesses, investors, and the general public.

The unveiling of the Rs 18 trillion budget marks a significant moment for Pakistan as it navigates through economic challenges and seeks to lay the groundwork for sustained growth and prosperity. The government’s proactive approach and the comprehensive nature of the budget proposals reflect its commitment to addressing the nation’s economic needs and setting a positive trajectory for the future.