In budget 2022-23, the government had sanctioned Rs1.804 trillion on defence for the year 2023-24, which was approximately 13pc higher than the revised allocation for the outgoing year.
In 2022-23, a sum of Rs1.57 trillion was allocated for defence affairs and services. However, it was later revised higher to Rs1.59tr.
Also read: FinMin presents federal budget 2024-25 amid OPP’s loud slogans
The budget allocations come Pakistan’s total public debt registered an increase of Rs4,644 billion (7.3 percent) during first nine months of current fiscal year and reached at Rs 67,525 billion at the end-March 2024 from Rs62,881 billion on June 30,2023.
At end-March 2024, external public debt was recorded at $86.7 billion (Rs24,093 billion) revealing an increase of around $2.6 billion during the first nine months of the current fiscal year, the Economic Survey 2023-24 further disclosed. However it does not contain liabilities of foreign exchange, public sector enterprises (PSEs), banks and private sector, report added.
On Wednesday, Finance Minister Muhammad Aurangzeb presented federal budget 2024-25 in the National Assembly while opposition lawmakers are chanting slogans such as “Go, Nawaz, go”.
The session commenced with the recitation of the Holy Quran, Naat and the national anthem.
The budget is considered to be crafted to align with the requirements of the International Monetary Fund (IMF) to secure another big loan.
In his budget speech, the finance minister said, “Dear speaker, I think that despite political and economic challenges, our progress on the economic front in the past one year has been impressive.”
He stressed a need for capitalising on a fresh opportunity to revitalise its economy. He said, “Pakistan has another opportunity to improve itself and embark on the path of economic development.” He requested the people of Pakistan not to waste this chance.
