
ISLAMABAD





APP06-100624
ISLAMABAD



APP04-100624
ISLAMABAD



APP02-100624
ISLAMABAD
ISLAMABAD, Jun 10 (APP): 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).
The budget will be presented by Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb.
The budget had been formulated while considering the existing challenges being faced by economy at domestic and international fronts. Hence, mitigating the people’s sufferings, transforming the agriculture sector, promoting information technology (IT), and boosting exports would be the main focus of the document, sources said.
In addition to fiscal management, revenue mobilization, 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 sources said 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 was 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, they added.
Meanwhile, the pre-budget document presenting the state of the country’s economy, ‘the Economic Survey of Pakistan’ will be launched on June 11 (Tuesday).
The survey would highlight the overall performance of economy during the outgoing fiscal year, providing a realistic feedback and basis for future planning.
ISLAMABAD, Jun 10 (APP): The Economic Survey of Pakistan 2023-24, the pre-budget document, containing the details of major socio-economic achievements during the outgoing fiscal year 2023-24, will be launched here on Tuesday.
Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb will launch the pre-budget document, according to press release issued by finance ministry here on Monday.
The 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.
According to the Planning Commission’s estimations made in the Annual Plan Coordination Committee (APCC), Pakistan’s economy faced significant challenges at the beginning of 2023-24, primarily due to lagged impacts of economic disruptions of previous year. However, the economy moderately recovered in 2023-24 and grew by 2.4%.
During the year 2023-24, the primary driver of growth was agriculture sector, growing by 6.3%, owing to bumper outputs of wheat, cotton and rice.
Industrial sector grew by 1.2% mainly due to slowdown in large-scale manufacturing activities. However, there was growth in mining and quarrying, small-scale manufacturing, and construction.
Services sector also registered 1.2% growth as wholesale and retail trade experienced a mere 0.3% growth. Transport, storage and communications also recorded a low growth of 1.2% due to subdued demand.
Total revenue collection grew by 41% during July-March 2023-24 that outpaced the 36.6% growth of total expenditure. Both tax and non-tax revenues grew by 29.3% and 89.8%, respectively. Markup expenditure constituted 40% of total expenditure.
During July-April 2023-24, average inflation was recorded at 26% as compared to 28.2% in the same period of last year. A continuously declining inflationary trend has been observed since January 2024.