Budget likely on 12th

ISLAMABAD: In the wake of the prime minister’s visit to China, the government is all set to unveil the upcoming budget for financial year 2024-25 on June 12, 2024, in the Parliament.

Top official sources confirmed to The News on Monday that the PM was scheduled to visit China from June 4 to 8, 2024 so the announcement of the budget was expected to be made on June 12, 2024. Earlier, the budget was expected to be announced on June 10, 2024.

Now, it is confirmed that it cannot be unveiled on June 10, and the date has been extended with the possibility that it will be presented on June 12, 2024.

The National Economic Council (NEC) is now expected to be held on June 9, 2024, under the chairmanship of PM Shehbaz Sharif to approve the national development plan for the next fiscal year and grant assent to the macroeconomic framework for 2024-25. The government has envisaged a GDP growth target of 3.6 per cent and inflation at 12 per cent for the next budget for 2024-25.

The Economic Survey for 2023-24 will be launched on June 11, 2024, just a day ahead of the announcement of the next budget for 2024-25. The Economic Survey for 2023-24 will illustrate the economic situation whereby the GDP growth stands at 2.38pc for the outgoing fiscal year. Although, the CPI-based inflation has started receding the average inflation is expected to hover around 23-24pc for the current fiscal year.

The budget-making exercise has gained momentum as the top functionaries of the government are continuously chairing official meetings to deliberate upon options for raising tax and non-tax revenues as well as reducing the wasteful expenditures in the shape of un-targeted subsidies and cash bleedings of State-Owned Enterprises (SOEs). The long-awaited pension reforms are on the top agenda of the government, but it is yet to be seen what kind of overhauling is proposed to slash unbridled expenditures.