The Government will present the budget for FY 2024-2025 tomorrow

ISLAMABAD: The federal government announced that the fiscal year 2024-2025 budget would be laid before the parliament on June 12, reporting a state-run news agency.

The Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, will present the budget, which has been formulated keeping in view the existing challenges the economy faces on the domestic and international fronts.

“The budget will aim at alleviating the people’s sufferings, transforming the agriculture sector, promoting information technology, and boosting exports,” government sources said.

It also said the budget would be centered on fiscal management, revenue mobilization, measures for economic stabilization and growth, reductions in non-developmental expenditures, job creation, and people-friendly policies for the country’s economic prosperity.

Preparations for announcing the federal budget for the fiscal year 2024-25 continued in full swing according to the prescribed timelines.

The budget is being prepared in close coordination with all departments and ministries involved in budget-related events, including the presentation in Parliament and the launch of the Economic Survey.

I would just like to add here that the budget has been introduced at a time when Pakistan is currently negotiating with the International Monetary Fund (IMF) for a package of up to $8 billion. As the survey denotes the general performance of the economy during the outgoing fiscal year, it lays down the basis for the planning to be made in the following years with realistic feedback. Meanwhile, the ‘Economic Survey of Pakistan,’ a pre-budget document presenting the state of the country’s economy, will be released on Tuesday, one day before the budget presentation.

In this connection, the finance ministry announced that the pre-budget document will be launched in the National Assembly on Wednesday by the finance minister, Muhammad Aurangzeb. According to the said survey, it has been conducted before the federal budget for the fiscal year 2024-25, scheduled for June 12.

The Economic Survey will bring to the fore the significant socioeconomic developments, performance, and other economic trends for these main sectors of the economy: agriculture, manufacturing, and industry, energy, information technology and telecom, capital markets, health, education, transport, and communication. Below, the survey will describe major economic indicators of the trend annually on inflation, trade, payments, public debt, population, employment, climate change, and social protection.