Introduction to the Pakistan Budget 2023-24
The Pakistan Budget for the year 2023-24 has been announced, and it’s essential to take a closer look at its details. The total cost of the budget, which is the overall spending, is expected to be 14.5 trillion Pakistani rupees ($50.70 billion). Additionally, the government aims to achieve a fiscal deficit target of 7.7% of the Gross Domestic Product (GDP) and a revenue collection target of 9.2 trillion Pakistani rupees ($32.17 billion).
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Explanation of the financial budget and its importance
The government is facing a challenging situation as it needs to comply with an economic reform plan imposed by the International Monetary Fund (IMF). At the same time, it has to balance these reforms with providing support to the people before the upcoming national election scheduled for early November.
Review of the Current Financial Year
Looking at the current financial year, 2022-23, the country’s GDP growth has fallen to 0.29% compared to the targeted growth of 5% in the annual budget and the revised projection of 2% by the national bank. Furthermore, Pakistan has witnessed a high inflation rate, with a 38% increase in May, which is the highest in Asia.
Delayed disbursement of $1.1 billion by the IMF
The timely disbursement of the IMF’s $1.1 billion funding is crucial for Pakistan. This funding has been delayed since November and is essential for unlocking other bilateral and multilateral financial assistance to prevent a debt default.
In conclusion, the Pakistan Budget for 2023-24 presents various financial targets and recommendations. However, the government faces the challenge of balancing economic reforms and support for the people. The current financial year has seen a decline in GDP growth and a high inflation rate. The IMF funding plays a crucial role in securing additional financial assistance and avoiding a debt default.