President Asif Ali Zardari has emphasized the importance of offering assistance to the impoverished and middle-income individuals in the forthcoming federal budget for the fiscal year 2024-25.
President Asif Ali Zardari expressed these remarks during in a meeting with Prime Minister Shehbaz Sharif. The conference was attended by Ahsan Iqbal, the Federal Minister for Planning and Special Initiatives.
Prime Minister Shehbaz Sharif held a meeting with President Asif Ali Zardari on Tuesday to request complete support from him and the Pakistan Peoples Party (PPP) for the next budget approval.
The President pledged to offer complete cooperation in attaining the objectives for the economic and developmental advancement of the nation.
Additionally, please peruse: Overview of the 2024-25 Budget
Both parties engaged in a discussion over the current economic state of the country. In addition, they deliberated on factors regarding the provision of assistance to the general people in the forthcoming budget.
Prime Minister Shehbaz Sharif also briefed the president about his recent visit to China. Leaders of nations and governments also deliberated on the development initiatives outlined in the forthcoming budget.
President Asif Ali Zardari emphasized to the Prime Minister the importance of offering assistance to the impoverished and middle-class individuals in the forthcoming federal budget.
The government is set to unveil a budget of Rs. 18 trillion.
It is important to mention that the government is prepared to deliver a federal budget above Rs18,500 billion today (Wednesday).
The government has allotted a sum of Rs2,100 billion for defense expenditures and Rs9,700 billion for interest payments on reserved loans. An allocation of Rs. 1500 billion has been made for development projects.
The budget allocates 253 billion rupees for the energy sector, 827 billion rupees for infrastructure, 800 billion rupees for energy sector subsidy, 206 billion rupees for water resources, and 279 billion rupees for transport and communication. The budget has a GDP growth target of 3.6 percent.
The Federal Board of Revenue (FBR) will collect taxes amounting to Rs. 12,970 billion.
The Federal Board of Revenue (FBR) has been assigned a tax collection target of 12,970 billion rupees for the upcoming fiscal year.
The Federal Board of Revenue (FBR) would need to generate an additional revenue of 3,720 billion rupees, with 3,452 billion rupees coming from direct taxes and 267 billion rupees from customs duties, in comparison to the current financial year.
The Inland Revenue’s tax revenue is projected to reach 11,379 billion rupees, with direct taxes accounting for 5,512 billion rupees and income tax contributing 5,454 billion rupees.
The income tax volume has set an extra objective of 1773 billion rupees, bringing the total aim to 2500 billion rupees.
Conversely, the parliamentary party of PPP convened a meeting led by former foreign minister Bilawal Bhutto Zardari. During the meeting, assembly members voiced their apprehensions about the budget and stated that the terms upon which Shehbaz supported the government have yet to be fulfilled.
PPP leader Syed Khurshid Shah expressed his lack of knowledge on the specific details of the budget, as well as the agreements with the IMF and China, during a conversation with the media. In the past, the opposition was consulted, while an ally is not consulted.
The government is presenting a growth-oriented budget today, which amounts to Rs18,900 billion.
