Pakistan's Finance Minister, Ishaq Dar, presented the annual budget for the fiscal year 2023-2024 on Friday, June 10, 2023. The budget totals 14 trillion rupees (approximately $50.4 billion) and aims to achieve a 3.5% GDP growth rate.
The budget includes a number of measures aimed at stimulating the economy, including:
- An increase in government spending on infrastructure, education, and healthcare.
- A reduction in taxes for businesses and individuals.
- A new tax on sugar and tobacco.
The budget also includes a number of measures aimed at addressing the country's high inflation rate, which is currently at 11.5%. These measures include:
- A cap on the prices of essential goods.
- A subsidy on wheat flour.
- A reduction in the prices of electricity and gas.
The budget has been met with mixed reactions. Some economists have praised the government for taking steps to stimulate the economy and address the high inflation rate. Others have criticized the government for not doing enough to reduce the country's budget deficit.
The budget will be put to a vote in the National Assembly on June 13, 2023.
Here are some of the key highlights of the budget:
- GDP growth target: 3.5%
- Total expenditure: 13,320 billion rupees
- Gross revenue: 12,163 billion rupees
- Defense spending: 1.804 billion rupees
- Pay increase for government employees: 35% for lower-level employees, 30% for officers
- Increase in taxes: Sugar tax, tobacco tax
- Reduction in taxes: Business tax, individual tax
- Cap on prices of essential goods: Wheat flour, sugar, rice
- Subsidy on wheat flour: 100 rupees per bag
- Reduction in prices of electricity and gas: 5%
The budget has been met with mixed reactions. Some economists have praised the government for taking steps to stimulate the economy and address the high inflation rate. Others have criticized the government for not doing enough to reduce the country's budget deficit.
The budget will be put to a vote in the National Assembly on June 13, 2023.