Wednesday, June 19, 2024

Federal Budget 2024-25 to Be Presented on June 12, Government Announces

The federal government has confirmed that the budget for the fiscal year 2024-25 will be presented in Parliament on June 12 (Wednesday), according to a state-run news agency.

Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, will present the budget, which has been formulated considering the existing economic challenges both domestically and internationally.

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“The budget will aim to alleviate people’s hardships, transform the agriculture sector, promote information technology (IT), and boost exports,” government sources stated.

Additionally, the government highlighted that the budget will focus on fiscal management, revenue mobilization, economic stabilization and growth, reduction in non-development expenditures, job creation, and people-friendly policies aimed at the socioeconomic prosperity of the country.

Preparations for the federal budget for fiscal year 2024-25 are progressing in full swing in accordance with the prescribed timelines. The budget is being prepared in close coordination with all relevant departments and ministries involved in the budget process, including its presentation in Parliament and the launch of the Economic Survey.

It's noteworthy that this budget is being presented while Pakistan is in discussions with the International Monetary Fund (IMF) for a package of up to $8 billion.

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Meanwhile, 'The Economic Survey of Pakistan'—a pre-budget document outlining the state of the country’s economy—will be presented on Tuesday, a day before the budget presentation. The survey will provide a comprehensive review of the economy's performance during the outgoing fiscal year, offering a realistic foundation for future planning.

Finance Minister Muhammad Aurangzeb will launch the pre-budget document in the National Assembly, as per a statement issued by the finance ministry. The survey, ahead of the federal budget 2024-25, scheduled for June 12 (Wednesday), will detail major socio-economic developments, performance, and economic trends across various sectors including agriculture, manufacturing & industry, services, energy, IT & telecom, capital markets, health, education, transport, and communication.

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