Pakistan Fedral Budget 2024-25

Key Points of the Federal Budget 2024-25

Date of Presentation: 12 June 2024

Total Budget

  • Total budget outlay: Rs18.887 trillion
  • Increase from the previous year: 30%

Tax Collection and GDP Growth

  • Tax collection target: Rs13 trillion
  • GDP growth target: 3.6%
  • Budget deficit: 6.9% of GDP

Salary and Pension Increases

  • 25% increase for grades 1 to 16
  • 20% increase for grades 17 to 22

Key Allocations and Packages

  • Kissan Package: Rs5 billion
  • Energy Sector: Rs253 billion
    • Rs65 billion for electricity lane installation
    • Rs5 billion for electricity distribution improvement
    • Rs21 billion for the 1200 MW Jamshoro Power Plant
    • Rs11 billion for NDTC system improvement

Economic Reforms and Initiatives

  • Emphasis on restructuring and privatizing State-Owned Enterprises (SOEs)
  • Active monitoring of Federal Board of Revenue (FBR) reforms
  • Closure of the Public Works Department (PWD) for austerity

Economic Challenges and Achievements

  • Depreciation of the Pakistani Rupee by 40 rupees within a year
  • Reduction in inflation from 38% to a more manageable level
  • Improved investor confidence due to IMF Standby Arrangement

Opposition and Political Climate

  • Opposition protest during budget presentation
  • Sunni Ittehad Council (SIC) members’ protest against budget policy

Government Approvals

  • Budget approved by the federal cabinet
  • Additional packages for farmers, youth, and industries approved

Conclusion

The Federal Budget 2024-25 focuses on ambitious tax targets, economic reforms, and significant allocations for development projects, despite facing political opposition and economic challenges.

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