Federal budget for FY23-24 to be presented today

Federal Budget for the next fiscal year is to be presented on Friday.

Finance Minister Ishaq Dar will present the budget in the National Assembly scheduled to meet at four pm today at the parliament house in Islamabad.

Earlier, Ishaq Dar said the government has rescued the crippling economy and averted default in the face of serious inherited challenges on internal and external fronts.

He made these remarks while launching Economic Survey for the outgoing fiscal year at a ceremony in Islamabad on Thursday.

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Ishaq Dar said the outgoing fiscal year was a challenging one. However, the government tried to effectively cope with the situation. As a result, he said, the declining trend has stopped and now efforts are underway to revamp the economy and bring financial stability to the country.

Presenting the statistics of the Economic Survey, Ishaq Dar said a primary balance surplus of over ninety-nine billion rupees has been recorded while the Current Account Deficit was reduced by seventy-six percent to 3.3 billion dollars during the first ten months of the current fiscal year. He said the tax collection increased by eighteen point one percent to 6938.2 billion rupees.

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The Finance Minister said GDP posted a growth of 0.29 percent, terming it a realistic one. He said agriculture grew by 1.55 percent while industry, manufacturing, and construction sectors showed negative growth due to a slowdown in global and domestic economic activity and contractionary macroeconomic policies.