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The 2023–24 Pakistan federal budget was the Federal Budget implemented by the government of Pakistan for the fiscal year 2023–24. The revised budget was presented to Parliament on 25 June, 2023 after Finance Minister Ishaq Dar introduced new taxes and expenditure cuts. The budget was accepted the next day. The Federal Budget entailed the raising of the Petroleum Development Levy (PDL) and lifting of all restrictions on imports. These revisions came after talks between the Prime Minister Shehbaz Sharif and IMF Director Kristalina Georgieva. The total budget outlay (expenditure) of the new budget was Rs14.46 trillion, 51% higher than the previous year. Federal Revenue for the budget was budgeted as Rs12.163 trillion, with Rs5.276 trillion being transferred to the provinces, leading to a net revenue of Rs6.887 trillion, 36.9% higher than the previous year. The FBR's budgetary target was set at Rs9.200 trillion, 23% than last year's target. The fiscal deficit being estimated at Rs6.923 trillion or 6.54% of the GDP. The budget claimed it added no new taxes, no increases in duties on import of essential items, exemptions of custom duties on certain agricultural goods, and an increase in government wages and minimum wage proposals. The budget included funding for a number of development initiatives to increase the nation's economic growth rate. The original outlays for the PDSP being estimated at Rs. 2.66 trillion for the development programme, which included a Rs. 950 billion federal Public Sector Development Programme (PSDP), that was approved by the Annual Plan Coordination Committee (APCC). The PDSP would later be further increased to Rs. 2,709 trillion, with Rs. 1,150 trillion being allocated to the Federal Portion, an increase of 58.2% from the previous budget of the development program. The government claimed to alleviate fiscal restrictions and boost sector growth, setting a GDP growth rate of 3.5 percent. This is despite claims of the government engaging in "poll politics", seen in the large Federal Development Budget. Ishaq Dar stated that “This budget should not be seen as an ‘election budget’ – it should be seen as a ‘responsible budget’" By the end of the financial year, Pakistan's real GDP growth rate was reduced to 0.3 percent.
References
- ↑ Statistisches Bundesamt (2024-04-05). "Revenue of the overall public budget 2022 and 2023" . Retrieved 2024-07-13.
- ↑ Statistisches Bundesamt (2024-04-05). "Expenditure of the overall public budget 2022 and 2023" . Retrieved 2024-07-13.
- ↑ Statistisches Bundesamt (2024-04-05). "Financial balance of the overall public budget 2022 and 2023" . Retrieved 2024-07-13.
- ↑ International Monetary Fund (2024). "Germany: Datasets" . Retrieved 2024-07-13.
- ↑ "Draft 2019 budget and financial plan to 2022: Forward-looking, fair and responsible - Federal Ministry of Finance - Press".
- ↑ "Expenditure of the overall public budget: 2021 and 2022". Federal Statistical Office of Germany. 2023-04-05. Retrieved 2023-12-03.