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Highlights of Pakistan budget for fiscal year 2023-24
The target of exports has been estimated at $30 billion and remittances target has been set at $33 billion; Rs7,303 billion would be spent on interest payment
A salesman looks at a television screen showing the Pakistan's Finance Minister Ishaq Dar presenting the budget for the 2023/24 fiscal year in the parliament in Islamabad, at a shop in Karachi. – Reuters
Following are the highlights of federal budget for fiscal year 2023-24 presented before the National Assembly by Federal Minister for Finance and Revenue, Senator Mohammad Ishaq Dar in Islamabad on Friday:
-The outlay of the federal budget 2023-24 has been estimated at Rs14,460 billion
-The revenue collection by the Federal Board of Revenue has been estimated at Rs9,200 billion out of which Rs 5,276 billion would be share of provinces
-The federal non-tax revenues would be Rs2,963 billion
-The total income of the federal government would be Rs6,887 billion
-Rs7,303 billion would be spent on interest payment
-The GDP growth rate has been estimated at 3.5 per cent whereas as inflation would remain at around 21 percent approximately
-The budget deficit has been calculated at 6.54 per cent whereas primary surplus would be 0.4 per cent of GDP
-During the next fiscal year the target of exports has been estimated at $30 billion and the remittances target has been set at $33 billion
-Rs 950 billion have been earmarked for Public Sector Development Programme for the upcoming fiscal year
-In addition around Rs 200 billion additional amount would become part of development budget through Public Private Partnership
-Rs1,804 billion have been earmarked for Defence and Rs 714 billion for Civil administration
-Government set aside Rs761 billion for Pension
-The government would provide subsidy of Rs1,074 billion for electricity, gas and other sectors
-The government allocated Rs1,464 billion grant from Azad Kashmir, Gilgit Balitstan, merged districts of Khyber Pakhtunkhwa, BISP, HEC, Railways and other departments.
-The government would issue Working Journalist Health Insurance Card and Artist Health Insurance Card
-In addition, funds would be provided for welfare minorities, sports persons and students
-Pension fund would be created to fulfil liability and expenditures of pensions in future
-Total outlay of the PSDP for the fiscal year 2022-23 is Rs 2.709 trillion, which is only 2.6 per cent of GDP.
- The share of the federal PSDP is Rs1,150 billion while that of the provincial PSDP is Rs1.559 trillion.
-Focus would be on project that are near completion so that these are completed by June 2024
-52 per cent of PSDP has been earmarked for building modern infrastructure to attract foreign direct investment.
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