Budget 2024-25: 'Comprehensive Karachi Package' announced

ISLAMABAD: The federal government announced the ‘Comprehensive Karachi Package’ for uplifting the infrastructure of the port city under the Public Sector Development Programme (PSDP), ARY News reported.

Presenting the federal budget for the fiscal year 2024-25, Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb said that the government proposed the infrastructure development plan for Karachi, aimed at improving the city’s infrastructure.

He said that the infrastructure of the city will be developed in consultation with all stakeholders. The finance minister said that infrastructure will be brought to innovation in consultation with stakeholders.

Muhammad Aurangzeb also proposed a ‘significant’ amount for the completion of Karachi’s mega water project K-IV which has been delayed for the past several years.

The minister said that Rs 1500 billion has been fixed aside for the Public Sector Development Programme

Muhammad Aurangzeb presented Pakistan’s budget for the fiscal year 2024-25 with a total outlay of over Rs18 trillion amid protest by the opposition lawmakers belonging to Pakistan Tehreek-e-Insaf (PTI)-backed Sunni Ittehad Council.

The National Assembly (NA) session began with recitation of the Holy Quran followed by the national anthem with Prime Minister Shehbaz Sharif also in attendance.

At the outset of his speech, Finance Minister Aurangzeb said that PM Shehbaz Sharif and his team should be congratulated over his efforts in the past one year to revive the economy. He vowed that Pakistan will soon be on the path of inclusive and sustainable economic growth.

The finance minister announced a 101 percent increase in the development budget, noting that 81pc has been allocated for ongoing schemes and 19pc for new schemes.

He also announced development projects in Azad Kashmir and merged districts, adding that completion of ongoing development projects will be government’s top priority. “The government would focus on export, equity, empowerment, environment, and energy under the 5-E framework,” he added.

The government has allocated Rs5 billion allocated for the Quaid-e-Azam Health Tower in Islamabad, Rs7bn for development projects in the poorest districts, Rs6bn for the Karakoram Highway project, Rs4bn for digitalisation of the national economy, Rs2bn for the establishment of Danish school in Islamabad and Rs5bn for the establishment of 7 Danish schools in Azad Kashmir and Gilgit-Baltistan.

Referring to the energy projects, the finance minister said Rs21bn has been allocated for a 600 MW power plant in Jamshoro, Rs14bn for a 500 kV transmission line in Lahore, Rs18bn for the Karachi Coastal Power Project and Rs45bn for the Mohmand Dam Hydro Power Project.

The budget also includes relief measures for government employees, including 25pc increase in salaries for BPS1-16, 20pc increase in salaries for BPS17-22, and 15pc increase in pensions for retired employees. Meanwhile, the minimum monthly wage has been increased from Rs 32,000 to Rs 37,000.