ISLAMABAD: The federal government of Pakistan is all set to present its first growth-oriented national budget for the fiscal year 2024-25, with an estimated outlay of over PKR 18 trillion today, on June 12.
Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb will present the national budget for fiscal year 2024-25 before the National Assembly.
The budget had been drafted while considering the existing challenges being faced by the economy on the domestic and international fronts. Hence, mitigating people’s sufferings, transforming the agriculture sector, promoting industrial growth and bolstering businesses, promoting Information Technology (IT), and boosting exports, would be the main focus of the document, APP reported.
Pakistan’s government is firmly committed to presenting a pro-people, business-friendly and progressive Federal Budget for FY 2024-25. The government is pursuing policies aimed at fiscal consolidation to contain the budget deficit.
In addition to fiscal management, revenue mobilization, reduction in non-development expenditures, measures for economic stabilization and growth, job creation and people-friendly policies for the socioeconomic prosperity of the country, would feature in the budget.
The budget would also focus on social sector development besides introducing reforms for improving governance and boosting the private sector for investment.
On the revenue side, the government would introduce measures for bringing improvements in the system of tax collection, broadening the tax base, and facilitation to tax-payers.
Keeping in view the robust growth of revenues during the current fiscal year (2023-24), the government is likely to set the revenue collection target at over Rs.12 trillion for the fiscal year 2024-25.
The preparations for the announcement of the federal budget for fiscal year 2024-25 continued in full swing in accordance with the prescribed timeliness.
The budget is being prepared in close coordination between all departments and ministries involved in budget-related events including the presentation of the budget in the Parliament and launching of the Economic Survey, APP reported. – APP
