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Thursday July 18, 2024

Budget 2023-24: Macroeconomic indicators for upcoming fiscal year

FinMin Dar tables coalition government's budget for FY24

By Web Desk
June 09, 2023
Finance Minister Ishaq Dar stands beside Prime Minister Shehbaz Sharif as he signs the budget document at the PM House on June 9, 2023. — PM Office
Finance Minister Ishaq Dar stands beside Prime Minister Shehbaz Sharif as he signs the budget document at the PM House on June 9, 2023. — PM Office

Finance Minister Ishaq Dar Friday tabled the federal budget for the fiscal year 2023-24, which aims to kill to bird with one stone — wooing the International Monetary Fund (IMF) and providing relief to a population heavily burdened by increasing inflation.

The Pakistan Democratic Movement (PDM)-led government, in the latest Budget Strategy Paper, has issued growth targets for the upcoming fiscal year.

These macroeconomic and fiscal indicators include:

GDP: Rs108.5 trillion

Inflation: 21%

Federal Bureau of Revenue (FBR) taxes: 8.7% of Gross Domestic Product (GDP)

Overall deficit: -6.5% GDP

Overall primary balance: 0.4% GDP

Public debt: 66.5% of GDP

Current account deficit: $6 billion

'Hoping to reach agreement with IMF'

FinMin Dar — who took charge of the finance ministry in September last year — noted that despite the economic challenges confronting Pakistan, the coalition parties still came into power.

"We took and are still taking tough decisions which rescued the economy from default," he said while presenting the budget.

He further added that although the nation had suffered massive losses of $30 billion due to unprecedented floods, the government is bidding to resume the IMF programme and take the country on the road of development.

"We have completed all the prerequisites of the ninth IMF review [...] we are hoping to reach an agreement with the IMF," the minister told the members of the lower house.