Canada Global (Web News) Saturday’s post-budget news conference in the nation’s capital will feature remarks from Finance Minister Ishaq Dar who will address questions about the federal budget that was just announced.
The finance minister stated that the goal of the most recent budget was to make up for all of the economic losses incurred the previous year and that it was thus different from customary papers since it was focused on economic growth. “Our first goal is to revisit and meet the 2017 economic indicators.”
Dar predicted that inflation will be approximately 21% in the upcoming fiscal year (2023–2024), despite an expected Rs14,040 billion in government spending.
He emphasised the need of making Pakistan a global economic force and said the private sector could be instrumental in attaining this. The minister said that only growth could result in creating jobs for people.
Regarding the agricultural industry, Dar cited the elimination of taxes on seeds and equipment as well as the provision of Rs 6 to subsidise fertiliser costs as key steps to strengthen the industry by boosting output and enhancing farmer quality of life.
According to Dar, the budget deficit for the 2019 year is predicted to be the biggest in history at Rs7.57 trillion, or 7.1 percent of GDP. It was Rs6.4tr, as of the most recent fiscal year. The predicted Rs650 billion provincial cash surplus would, however, help to balance some of it, bringing the overall deficit to Rs6.9 trillion, or 6.5 percent of GDP.
Furthermore, the amount allocated for interest payments, also known as debt servicing, for the next fiscal year has climbed by an astounding 85 percent from the previous year to Rs7,303 billion, or 55 percent of all current expenditures, making it the government’s single greatest expense.
According to him, additional taxes totaling Rs 200 would be introduced in the upcoming budget, and the revenue from the fuel charge is expected to be Rs 875 billion.
