#budget2023 #ishaqdar #pressconference

Amid ongoing political and economic crises, Finance Minister Ishaq Dar on Friday presented the budget for the fiscal year 2023-24 (FY24).

Salient features

• Defence: Rs1,804 billion
• Public Sector Development Programme: Rs1,150 billion
• Higher Education Commission: Rs135 billion set aside
• Health: Rs13.10 billion
• Railways: Rs33 billion
• Water Resources: Rs107 billion
• Special Initiatives of Prime Minister: Rs170 billion
• National Highways Authority: Rs157.50 billion
• Conversion of Agricultural Tubewells to Solar Power: Rs30 billion
• Prime Minister’s Laptop Scheme: Rs10 billion
• National Food Security: Rs8.85 billion
• IT sector: Rs6 billion
• Women Empowerment: Rs5 billion
• National Heritage and Culture Division: Rs540 million
• Karachi Greater Water Supply Scheme: Rs17 billion
• Karachi Coastal Power Project: Rs14.86 billion
• Pakistan Atomic Energy Commission: Rs26.10 billion
• Planning Division :Rs24.89 billion
• Poverty Alleviation and Social Protection: Rs500 million
• Ministry of Energy: Rs54.55 billion e
• Climate Change: Rs4.5 billion
• Azad Jammu and Kashmir: Rs60.90 billion
• Merged Districts of KP: Rs57 billion

Targets

• Economic growth: 3.5pc
• Budget deficit target: 6.54pc
• Primary surplus target: 0.4pc
• Export target: $30 billion
• Remittances target: $33 billion
• Tax collection target: Rs9 trillion

Mr Dar started off by comparing the economic indicators of 2017 and 2022, followed by the bashing of the PTI's government.

Dar said economic growth was 6.1pc, inflation at 4pc, and food inflation at 2pc, stock exchange was ranked fifth largest in 2017. “Pakistan was set to become one of the world’s 20 largest economies, adding that the PML-N government completed multiple projects,” he added.

Pakistan’s economy dropped from 24th spot in 2018 to 47th spot in 2022, he said. “The economy owes it to the PTI government,” he added.

The current account deficit (CAD) was 7.9pc of the GDP in FY22, while the primary deficit was 3.1pc of the GDP, he said. “Pakistan’s public debt was Rs25trillion in 2019 and it reached Rs49trillion in 2022,” he added.

The PML-N government inherited the circular debt of Rs503billion and it reached Rs1148billion in 2018. “It reached Rs2476billion in 2022,” he added.

The CAD reduced from 7.9pc of the GDP in 2022 to almost 7pc of the GDP in 2023, he said. “The incumbent government saved the country from default,” he added. The CAD will come down to $4billion at the end of the FY24, and trade deficit would also decrease, he said.

He went on to say that floods caused a damage of $30billion to the country, adding that food prices saw an increase of 14.3pc in 2022 worldwide. “Russia-Ukraine war, rise in oil and gas prices, and increasing interest rates also added to rise in economic difficulties for the country,” he added.

The government reduced oil and gas prices that could potentially the inflation down, he said. “Forex reserves will also increase,” he added. The government also announced over Rs2000crors for farmers, he said.

The government would not impose any new tax on industry in the next year, he said.


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