In the midst of ongoing political and economic challenges, the coalition government is poised to unveil the federal budget for the fiscal year 2023-24, projecting a substantial outlay exceeding Rs14.5 trillion. With the International Monetary Fund (IMF) closely observing, Finance Minister Ishaq Dar will deliver the budget speech today at 4pm in the National Assembly. The budget session's agenda, as outlined by the NA Secretariat, encompasses four key points.

Anticipated to be 7.7% of the Gross Domestic Product (GDP), the federal budget is expected to reflect a deficit. Finance Minister Ishaq Dar will present this budget, which entails the announcement of over Rs700 billion in new taxes.

Formulated in consideration of the prevailing domestic and international economic challenges, the budget aims to address various aspects. Notably, it sets aside Rs1,150 billion for the annual development program and Rs1,800 billion for defense expenditures. There may also be an increase in levies on petroleum products. Furthermore, government employees and pensioners may receive respective raises of 20% and 15%.

The finance ministry has proposed allocating Rs7,300 billion for debt and loan payments, as well as Rs1,300 billion for subsidies. The Federal Board of Revenue (FBR) is tasked with achieving a tax collection target of Rs9,200 billion, while non-tax revenue is projected to reach Rs2,800 billion.

According to sources, the budget document places significant emphasis on alleviating people's hardships, transforming the agriculture sector, promoting Information Technology (IT), boosting exports, driving industrial growth, and strengthening businesses.
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