This photo released by Pakistan's Press Information Department (PID) shows Pakistan's Federal Minister for Finance and Revenue Muhammad Aurangzeb presenting the federal budget for the upcoming fiscal year starting from July 2024 to June 2025 in the country's national assembly in Islamabad, Pakistan, on June 12, 2024. The new budget, pending majority approval in the national assembly, with a total outlay of 18,900 billion rupees (about 67.84 billion U.S. dollars), is set to be formally implemented on July 1 following the president's final approval. (PID/Handout via Xinhua)
ISLAMABAD, June 13 (Xinhua) -- Pakistan's Federal Minister for Finance and Revenue Muhammad Aurangzeb presented the federal budget for the upcoming fiscal year starting from July 2024 to June 2025 in the country's national assembly, with a total outlay of 18,900 billion rupees (about 67.84 billion U.S. dollars).
Addressing the assembly's session on Wednesday, Aurangzeb said that Pakistan has another opportunity to improve itself and embark on the path of economic development through policies and reforms proposed in the new budget.
He said that the government is committed to providing relief to the public and tackling inflation and in this regard, prices of several commodities and edibles have significantly reduced during the last few months.
The country set tax collection target at 12,970 billion rupees for the forthcoming fiscal year, an estimated 38 percent more than the ongoing one, the minister said.
The country will allocate 9,775 billion rupees for interest payments, and 1,400 billion more for the Public Sector Development Program, the minister said.
The overall development budget stands at 1,500 billion rupees, including 1,014 billion rupees for pensions and 1,363 billion rupees for subsidies in gas, electricity and other sectors, the minister revealed.
The minimum monthly wage has risen from 32,000 rupees to 37,000 rupees, Aurangzeb said, adding that the government is committed to sustainable development, focusing on the completion of ongoing projects and the 5-E framework that includes export, equity, empowerment, environment and energy.
Aurangzeb said that the government has allocated 4 billion rupees for e-bikes and plans to support exporters through joint ventures with Chinese companies under the new phase of China-Pakistan Economic Corridor.
Pakistan is expecting to welcome investments from China in various sectors, the minister added.
The new budget, pending majority approval in the national assembly, is set to be formally implemented on July 1 following the president's final approval. (1 U.S. dollar equals 278.62 Pakistani rupees) ■
