Finance Minister Ishaq Dar to present Budget 2023-24 at 4pm

Web DeskJune 9, 20234913 min

Today, at 4 p.m., Finance Minister Ishaq Dar will deliver the federal budget for 2023-24 in parliament.

The Rs. 14.5-14.7 trillion budget includes 1,210 development projects, with 32 receiving Rs. 5 billion or more each.

The budget for the upcoming fiscal year projects a deficit of Rs. 700 billion, with a considerable provision for interest and debt payments of Rs. 7,300 billion.

The Annual Development Programme is set to cost Rs. 1,150 billion, according to budget records.

The Public Sector Development Programme has been allocated Rs. 950 billion.

Rs. 170 billion has been set aside for unique initiatives of the Prime Minister and legislative development programmes, while Rs. 80 billion would be used on nine special projects of the Prime Minister.

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A Rs. 30 billion budget has been set aside for a programme to convert agricultural tube wells to solar power. Furthermore, Rs. 10 billion has been allocated for the Prime Minister’s Laptop Scheme.

In the next fiscal year, the government has set a tax collection target of Rs. 9.2 trillion and a nontax revenue target of Rs. 2.7 trillion for the Federal Board of Revenue.

The government also intends to change the Finance Bill in order to raise the Petroleum Development Levy from Rs. 50 to Rs. 60 per litre and raise Rs. 870 billion from this source.

Meanwhile, fiscal limitations will present issues next year because the federal government’s entire net revenue sources are likely to be insufficient to service debt.

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