Islamabad: According to the budget targets set by the government, the country’s economic growth is estimated at 3.6% while the inflation target has been set at 12%, but from what is being discussed by the Annual Plan Coordination Committee, it seems that the people will continue to suffer from inflation for the third year. will
Achieving the country’s growth and inflation targets will depend on political and rupee stability apart from whether the government manages to get a bailout package from the IMF in time.
According to the plan approved by the Annual Plan Committee for the year 2024-25, Pakistani rupee and foreign exchange reserves will remain under pressure due to external payments in the next year as well.
Former Finance Minister Hafeez A. Pasha says that according to the taxes imposed by the government and the estimates of the IMF, the rate of inflation in Pakistan is likely to be 19 to 20 percent in the next year as well.
The government has allocated 1.22 thousand billion rupees for the Federal Public Sector Development Program (PSDP), of which 59 percent has been allocated for infrastructure schemes. Tried to sync with C.
The Annual Plan Coordination Committee (APCC), which made the decisions, also approved the scrapping of MPs’ discretionary spending budget, with the proposed budget of 1,221, 64 percent of the current year’s revised budget and 30 percent of the original budget. More, the government had approved a budget of 950 billion rupees for this year, but the expenditure during this period has been estimated at 746 billion rupees.
The details show that APCC’s proposed budget requirement is 51% less than 2.5 thousand billion rupees, this estimate was made by the Ministry of Planning and executive agencies. What is increased from Rs 1 thousand billion to Rs 1.22 thousand billion, now the National Economic Council will review and approve the proposals of APCC in its meeting next week.
The meeting of the National Economic Council will be chaired by Prime Minister Shahbaz Sharif. It is likely that the budget will be announced on June after the return of the Prime Minister from Beijing. In terms of infrastructure development, 877 billion rupees have been proposed, which is the current financial year. 59 percent are more than
Within infrastructure development, the highest amount of 378 billion rupees has been earmarked for the energy sector, which is 212 percent more than the current year, while a 44 percent decrease is being seen in the budget for the transport sector, which was 245 billion rupees this year. 173 billion rupees have been proposed in the budget, 284 billion rupees are proposed to be allocated for the water sector with an increase of 92%.
The government has slashed the social sector budget by 59 percent to make it NFC-compliant, from Rs 120 billion to Rs 83 billion. The health budget has been reduced by 53% to 17 billion rupees, the education budget has been reduced by 61% to 32 billion rupees (out of which 21 billion rupees are for HEC).
The budget for Azad Jammu and Kashmir and Gilgit-Baltistan has been kept unchanged at Rs 51 billion, while for the merged districts of Khyber Pakhtunkhwa, there has been no change in the budget and Rs 57 billion has been allocated, APCC told the Finance Ministry. It has been suggested that he should formulate a policy of releasing 25% of the budget every quarter, so that timely availability of funds is possible.
It should be noted that the government is facing serious financial difficulties and the government does not have adequate resources to fund the already existing schemes, an estimate of Rs 9.8 thousand billion has been estimated to complete the already approved schemes.
