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Highlights of Pakistan budget for fiscal year 2023-24

The target of exports has been estimated at $30 billion and remittances target has been set at $33 billion; Rs7,303 billion would be spent on interest payment

Published: Sat 10 Jun 2023, 3:30 PM

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A salesman looks at a television screen showing the Pakistan's Finance Minister Ishaq Dar presenting the budget for the 2023/24 fiscal year in the parliament in Islamabad, at a shop in Karachi. – Reuters

A salesman looks at a television screen showing the Pakistan's Finance Minister Ishaq Dar presenting the budget for the 2023/24 fiscal year in the parliament in Islamabad, at a shop in Karachi. – Reuters

Following are the highlights of federal budget for fiscal year 2023-24 presented before the National Assembly by Federal Minister for Finance and Revenue, Senator Mohammad Ishaq Dar in Islamabad on Friday:

-The outlay of the federal budget 2023-24 has been estimated at Rs14,460 billion


-The revenue collection by the Federal Board of Revenue has been estimated at Rs9,200 billion out of which Rs 5,276 billion would be share of provinces

-The federal non-tax revenues would be Rs2,963 billion

-The total income of the federal government would be Rs6,887 billion

-Rs7,303 billion would be spent on interest payment

-The GDP growth rate has been estimated at 3.5 per cent whereas as inflation would remain at around 21 percent approximately

-The budget deficit has been calculated at 6.54 per cent whereas primary surplus would be 0.4 per cent of GDP

-During the next fiscal year the target of exports has been estimated at $30 billion and the remittances target has been set at $33 billion

-Rs 950 billion have been earmarked for Public Sector Development Programme for the upcoming fiscal year

-In addition around Rs 200 billion additional amount would become part of development budget through Public Private Partnership

-Rs1,804 billion have been earmarked for Defence and Rs 714 billion for Civil administration

-Government set aside Rs761 billion for Pension

-The government would provide subsidy of Rs1,074 billion for electricity, gas and other sectors

-The government allocated Rs1,464 billion grant from Azad Kashmir, Gilgit Balitstan, merged districts of Khyber Pakhtunkhwa, BISP, HEC, Railways and other departments.

-The government would issue Working Journalist Health Insurance Card and Artist Health Insurance Card

-In addition, funds would be provided for welfare minorities, sports persons and students

-Pension fund would be created to fulfil liability and expenditures of pensions in future

-Total outlay of the PSDP for the fiscal year 2022-23 is Rs 2.709 trillion, which is only 2.6 per cent of GDP.

- The share of the federal PSDP is Rs1,150 billion while that of the provincial PSDP is Rs1.559 trillion.

-Focus would be on project that are near completion so that these are completed by June 2024

-52 per cent of PSDP has been earmarked for building modern infrastructure to attract foreign direct investment.



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