Finance Minister Aurangzeb to Present Budget 2024-25 Amid IMF Talks
Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb will present the budget on the National Assembly floor.
The budget will be aimed at mitigating the people’s sufferings, transforming the agriculture sector, promoting information technology (IT), and boosting exports the government sources said
The government also claimed that in addition to fiscal management, revenue mobilization, 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.
The preparations for the announcement of the federal budget for fiscal year 2024-25 continued in full swing by the prescribed timelines.
The budget is being prepared in close coordination among all the departments and ministries involved in the budget-related events, including the presentation of the budget in the Parliament and the launching of the Economic Survey.
It is pertinent to mention here that the budget is being presented when Pakistan is deliberating with the International Monetary Fund (IMF) for a package of up to $8 billion.
Economic Survey 2023-24 Pakistan registers 2.38pc GDP growth
Earlier on Tuesday, Finance Minister Muhammad Aurangzeb unveiled the Economic Survey of Pakistan 2023-24, stating that the country recorded a gross domestic product (GDP) growth of 2.38 percent, up from the envisaged target of 2pc.
Addressing a presser at the launching ceremony of the Economic Survey of Pakistan 2023-24, Federal Minister for Finance Senator Muhammad Aurangzeb said that despite challenges, the country had made significant progress in achieving macroeconomic stability, with a remarkable 30 percent growth in revenue collection, a reduced current account deficit, reduction in inflation and a stable currency.
The finance minister said that this situation indicated a remarkable turnaround from a precarious economic situation, characterized by a 0.2 percent GDP contraction, 29 percent rupee depreciation, and shrinking foreign exchange reserves, which had declined to just two weeks’ worth of import cover.
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