The Pakistan Muslim League-Nawaz (PML-N) led federal government is set to present its first growth-oriented budget for the fiscal year 2024-25, with an estimated outlay of over Rs18 trillion, on June 12.
Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, will deliver the budget presentation on the National Assembly floor.
The budget aims to address the populace’s economic challenges, transform the agriculture sector, enhance information technology (IT) development, and boost exports. Government sources highlight that the budget will also focus on fiscal management, revenue mobilization, economic stabilization and growth, reduction in non-development expenditures, job creation, and people-friendly policies aimed at socioeconomic prosperity.
Preparation for the federal budget has been thorough, involving close coordination among all relevant departments and ministries. This process includes presenting the budget in Parliament and launching the Economic Survey.
In his address at the Economic Survey launch, the Finance Minister detailed significant progress despite economic challenges. Highlights included a 30 percent growth in revenue collection, a reduced current account deficit, lowered inflation, and a stable currency. These indicators mark a substantial recovery from a previously precarious economic state characterized by a 0.2 percent GDP contraction, a 29 percent rupee depreciation, and shrinking foreign exchange reserves, which had dwindled to just two weeks’ worth of import cover.