Federal cabinet approves budget proposals for fiscal year 2024-25

ISLAMABAD: The federal cabinet on Wednesday approved the budgetary proposals for the coming fiscal year 2024-25.

Chaired by Prime Minister Shehbaz Sharif, the special federal cabinet committee deliberated on the budget proposals and accorded its approval to the Finance Bill 2024.

The cabinet meeting also okayed the budgetary proposals to be presented before the National Assembly for its onward consideration.

Sources told ARY News that the budget document includes a 25 per cent increase in salaries for government employees of BPS 1-16, a 20 pc increase for grades 17-20, and a 15pc increase for grades 21-22.

The cabinet also granted the prime minister the authority to announce increases in government employees’ salaries and pensions in the parliament.

PML-N leader Rana Sanaullah stated that the prime minister will make the official announcement regarding the increases in salaries and pensions in the parliament.

The PML-N led federal government will present its first growth-oriented budget for the fiscal year 2024-25, with an estimated outlay of over Rs18 trillion.

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