Education budget boosted by 204% for upcoming fiscal year

Previous year's allocation was Rs8.50 billion, however, Rs25.75 billion is allotted for the upcoming fiscal year

ISLAMABAD:

The federal government has proposed a significant hike in the budget for the Federal Ministry of Education, allocating Rs25.75 billion for the upcoming fiscal year.

This represents a 204% increase from the previous year's budget. Officials said that Rs2 billion is set aside for the Pakistan National Endowment Fund.

Additionally, funding for Daanish schools in Azad Jammu Kashmir and Gilgit-Baltistan will rise from Rs500 million to Rs5 billion. The previous year's allocation for the Ministry of Education was Rs8.50 billion.

Finance Minister Muhammad Aurangzeb is set to unveil the 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 the budget deficit, official sources said yesterday.

According to sources, the main targets of the budget would be mitigating people’s problems, transforming the 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.