Pakistan all set to present budget on June 12

ISLAMABAD: The federal government cleared the air on the presentation of the budget as the fiscal year 2024-25 will be tabled in Parliament on June 12 (Wednesday), a state-run news agency reported.

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 fronts.

“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.

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.

Meanwhile, ‘The Economic Survey of Pakistan’— a pre-budget document presenting the state of the country’s economy— will be presented on Tuesday, a day before the budget presentation. The survey would highlight the overall performance of economy during the outgoing fiscal year, providing a realistic feedback and basis for future planning.

Finance Minister Muhammad Aurangzeb will launch the pre-budget document in the National Assembly, according to a statement issued by the finance ministry. The survey comes ahead of the federal budget 2024-25, slated to be presented on June 12 (Wednesday).

Pakistan’s Economic Survey will provide details about the major socio-economic developments, performance, and economic trends of various sectors of the economy, including agriculture, manufacturing & industry, services, energy, information technology & telecom, capital markets, health, education, transport and communication etc.

Annual trends of major economic indicators regarding inflation, trade and payments, public debt, population, employment, climate change, and social protections will also be described in detail in the survey.