Federal Government Budget Is Expected To Be Presented On 07th June 2024
Preparations are underway to present the budget for the new fiscal year in Parliament on June 7.
According to the report, the federal budget for the next fiscal year 2024-25 will be presented in the National Assembly on June 7. Inflation is estimated to be 12.7 percent in the next financial year. The salary of government employees and the pension of retired government employees are expected to increase by 10 to 15 percent. However, the final decision will be taken by the federal cabinet in a special meeting. It will exceed two thousand billion rupees.
According to Ministry of Finance sources, the initial estimate of the total expenditure in the next financial year is 24 thousand 710 billion rupees, while the income will be limited to 15 thousand 424 billion rupees, the possible financial deficit of 9 thousand 286 billion rupees should be met by borrowing will In the next fiscal year, the total development budget will be 2 thousand 590 billion rupees, of which the federal development program will be 890 billion rupees and the provincial development budget will be 1 thousand 700 billion rupees.
In the next financial year, the expenditure on interest and loans has been estimated at 9,787 billion rupees, while 1,509 billion rupees will be kept for subsidies.
The tax revenue of FBR is 11 thousand 113 billion, the initial estimate of non-tax income is 2 thousand 11 billion rupees, out of which 1080 billion rupees will be collected in the form of petroleum levy. During the consultation with the International Monetary Fund (IMF), there is a possibility of change in the proposed data.
