The Fact India: The Shahbaz government of Pakistan will present a budget of Rs 4 lakh crore. In this, the growth target of Pakistan has been kept at 3.5 percent. The government of Pakistan has talked about spending 32 thousand crore rupees on development works. The target of inflation has been kept at 21 per cent. Despite the financial crisis, Pakistan has decided to spend Rs 52,000 crore on its army. Finance Minister Ishaq Dar will deliver the budget speech in Parliament. According to media reports of Pakistan, Prime Minister Shahbaz has said that the budget should not violate the norms of IMF. Some information related to the budget has already been released.
IFF had told on Thursday that Shahbaz has discussed the budget of Pakistan with the government. In the budget, the target of fiscal deficit has been kept at 7 per cent for the financial year 2024, while the revenue collection is estimated at Rs 2 lakh crore. According to media reports, the government does not have money to spend on big announcements and promises due to the upcoming elections.
Pakistan is demanding a loan of Rs 10,000 crore from IFF. For this, it has also accepted many such conditions of IFF, the effect of which is that inflation has increased in Pakistan. At the behest of IFF, the government of Pakistan increased the tax on petrol, diesel and electricity. IMF has now demanded Pakistan to raise 65 thousand crore rupees within seven months before passing the loan. Due to this, the possibility of Pakistan getting loan from IMF seems to be decreasing further.
The Government of Pakistan could not fulfill any target of its last year’s budget. Last year, the target of growth for 2023 was kept at 5 per cent, which was later further reduced to 2 per cent. Now the growth rate of Pakistan for 2023 has been kept at 0.29 percent. Pakistan has the highest inflation in South Asia. The budget of the government of Pakistan is being presented at a time when their foreign exchange reserves have reduced to only Rs 32,000 crore.
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