Rs18 trillion federal budget today

Govt expected to focus on fiscal consolidation to contain deficit

ISLAMABAD:

Finance Minister Muhammad Aurangzeb is set to unveil Rs18 trillion federal budget for the fiscal year 2024-25 in the National Assembly on Wednesday (today), which would focus on fiscal consolidation to contain budget deficit, official sources said on Tuesday.

According to sources, the main targets of the budget would be mitigating people’s problems, transforming agriculture sector, promoting information technology (IT), boosting exports, promoting industrial growth and bolstering businesses.

The budget was formulated while considering the existing challenges facing the economy on domestic and international fronts, the sources said, adding that the government was firmly committed to presenting a pro-people, business-friendly and progressive federal budget.

On the revenue side, according to the sources, the government was likely to set the revenue collection target at over Rs12 trillion for the fiscal year 2024-25, given a robust revenues growth during the outgoing fiscal year, 2023-24.

“The budget is being prepared in close coordination among all departments and ministries, involved in budget-related events, including the presentation of the budget in the parliament a day after launching the Economic Survey,” a source said.

“It will pursue policies aimed at fiscal consolidation to contain budget deficit. In addition revenue mobilisation, economic stabilisation, reduction in non-development expenditures, job creation would be the main features of the budget,” the source added.