Budget 2023 Pakistan Summary is being provided here in PDF format. Pakistan’s economic predicament is becoming worse and there are no indications that it will soon improve or even see sustained development. The nation is experiencing acute financial distress, marked by low reserves, rising public debt, unprecedented inflation, and a swiftly declining currency. In light of the current economic crisis, upcoming elections, and political unpredictability, the federal government unveiled the annual budget for the fiscal year 2023–2024 on June 9, 2023. The budget seeks to release the more than USD 2.5 billion that is left over from an IMF bailout program valued at USD 6.5 billion that is scheduled to end this month.
The budget does try to address certain issues and put policies in place to generate income and maintain economic stability. To guarantee these steps’ long-term efficacy, it is necessary to keep assessing and improving them. In the end, an impartial and balanced strategy would help create a more positive and welcoming economic climate for Pakistan’s future development.
Key Highlights of Pak Budget 2023 Fiscal Year
This document outlines several key highlights of the fiscal year 2023-24 budget, including:
- A fixed economic growth target of 3.5%,
- An inflation forecast averaging 21%,
- A tax-to-GDP ratio of 8.7%,
- A current account deficit of $6 billion.
Additionally, the government has allocated funds for defense spending, subsidies, pensions, and the Public Sector Development Programe, as well as for initiatives such as the PM’s Youth Business and Agriculture Loans scheme and the provision of laptops for students. Other measures include the solarisation of agriculture tubewells, the withdrawal of duties and taxes on certain imported goods, and the exemption of custom duty on raw materials for batteries, solar panels, and inverters.
Budget 2023 Pakistan Summary pdf Key Highlights
In his budget address to the National Assembly, Finance Minister Ishaq Dar set a target of 3.5% GDP growth for the next year. He stated that the government is concentrating on aspects of the “real economy” in the hopes of gaining access to the International Monetary Fund (IMF) program. The remaining $2.5 billion of the $6.5 billion IMF three-year program, which is scheduled to expire at the end of this month, is still owed to Islamabad, which entered it in 2019. In the budget, the government has set aside 1.804 billion rupees for defense, a 15.4% increase over the previous year despite depleting foreign reserves and an economic crisis. Dar also declared a 30% wage rise for officers and a 35% pay increase for lower-level government workers.
According to the budget, the total expenditure for the upcoming fiscal year starting on July 1 is 13,320 billion rupees, with an estimated gross revenue of 12,163 billion rupees. Earlier, Prime Minister Shehbaz Sharif chaired a Cabinet meeting to approve the budget, affirming that his government has accepted all IMF conditions and anticipates receiving the remaining funds. However, he emphasized that the country’s economic growth is intricately tied to political stability, given the current dire economic and political crisis faced by the South Asian nation.
Sharif, as quoted by Pakistan’s state-run Associated Press, stated that “the economic situation cannot be improved solely by the allocation of billions of dollars in the budget, without the presence of political stability.”
Budget 2023-2024 Pakistan
Pakistan’s economy will be stable and revived in FY 2023–2024. The goal of the government’s policies is to maximize the creation of resources—both tax and non-tax—for the development and welfare of the general population. The purpose of raising PSDP to Rs. 950 billion is to spur economic development and create jobs in the nation.
Pakistan Budget 2023 in Rupees
Amid political unrest and significant inflation, the Pakistani government unveiled its annual budget for the fiscal year 2023–2024 in parliament on Friday. The budget is estimated to be worth $50.4 billion, or 14 trillion rupees.
Budget 2023-24 Pakistan Salary Increase
Cash 2023–2024 Pakistan’s budget for the people of Sin includes a pay rise for 2023–2024. We want to raise the pay of our employees in grades 1 through 16. For grades 17 and up, a proposed rise of thirty percent is made; for pensioners, a suggested increase of seventeen and a half percent.