ISLAMABAD: Pakistan’s coalition government will present its first annual budget for the fiscal year of 2024-25 in the National Assembly on June 12 (Wednesday).
Senator Muhammad Aurangzeb, the Federal Minister for Finance and Revenue, will be at the helm of this presentation, with the budget formulated in light of both domestic and international economic challenges, as per government sources.
The overarching goal of the budget is to alleviate hardships faced by the populace while also revitalizing key sectors such as agriculture and information technology, and bolstering exports. Emphasizing fiscal management, revenue generation, economic stability, and growth, the government aims to curtail non-development expenditures, foster job creation, and implement people-centric policies for national socioeconomic advancement.
Preparations for the budget announcement have been diligently underway, involving close collaboration among various governmental departments and ministries. This includes the presentation of the budget in Parliament and the release of the Economic Survey.
Of particular note is the context in which this budget is being unveiled, coinciding with Pakistan’s ongoing discussions with the International Monetary Fund (IMF) for a potential financial package of up to $8 billion. Experts suggest that given the imperative to bridge the revenue-expenditure gap, the budget is likely to take a contractionary stance.
