Budget debate wraps up as Aurangzeb defends numbers, cites growth and diplomatic wins

ISLAMABAD: Finance Minister Muhammad Aurangzeb on Saturday wrapped up the general debate on the federal budget in the National Assembly, defending the government’s fiscal data, outlining economic performance targets, and spotlighting Pakistan’s role in facilitating Iran–US understanding.

Before the conclusion of his remarks, lawmakers Dr Azeemuddin Zahid and Khawaja Shehzad submitted a privilege motion alleging that the finance minister had presented “incorrect statistics” during his budget speech. Responding on the floor, Aurangzeb said he wished such objections were raised during debate in the House rather than through formal motions, insisting there had been no change in national accounts or macroeconomic indicators.

Revenue targets, reforms and sectoral relief outlined

On the economic front, the finance minister said Pakistan remained on track to meet key targets, including $41 billion in remittances and $4.5 billion in IT exports. He said the government was focusing on expanding the tax base rather than increasing pressure on salaried individuals, with efforts underway to integrate retailers into the system.

Aurangzeb also highlighted reforms in the Federal Board of Revenue (FBR), saying improved oversight and policy direction had helped generate $14 billion in additional revenues over the past two years.

Agriculture was described as the backbone of the economy, with the minister announcing large-scale relief measures. These include up to Rs300 billion in collateral-free loans for small farmers, benefiting around 750,000 cultivators, alongside Rs109 billion in youth agriculture and business financing schemes.

He also announced subsidies and allocations for fertiliser price stability, including Rs10 billion for urea support, Rs15.8 billion for input stabilisation, and Rs9.5 billion for agricultural credit relief. Import duties were reduced or removed on key agricultural machinery, including tractors, harvesters, pumps, and spare parts to ease costs for farmers.

‘Peace has replaced uncertainty,’ says finance minister

Aurangzeb said Pakistan’s diplomatic engagement in helping ease tensions between Iran and the United States had strengthened its global image. “The clouds of war have cleared and the dove of peace is flying,” he said, adding that the breakthrough reflected coordinated diplomatic efforts.

He said Prime Minister Shehbaz Sharif and Field Marshal Asim Munir deserved congratulations, while also acknowledging contributions from opposition leader Mahmood Achakzai, parliamentary committees, and coalition partners including Nawaz Sharif and Bilawal Bhutto Zardari.

He added that the agreement had enhanced Pakistan’s international standing and demonstrated the value of dialogue over conflict.