Federal budget 2024-25 to be presented tomorrow

ISLAMABAD: Amid challenges both at internal and external levels, the incumbent government is all set to present its first budget for the fiscal year 2024-25 in the Parliament on June 12 (Wednesday).

Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb will present the budget which has been formulated while ‘considering’ the existing challenges being faced by the economy at domestic and international front, according to government sources quoted by state run news agency..

“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 mobilisation, 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.

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The preparations for the announcement of the federal budget for fiscal year 2024-25 continued in full swing in accordance with 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 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.

“The budget holds critical significance for Pakistan’s IMF programme and must close the gap between our revenue collection and total expenditure; it is thus likely be contractionary,” according to experts