The Shahbaz Sharif government is presenting its first budget.
These budgets will be prepared in compliance with the objective and guidelines decided upon in consultation with the IMF.
The Foreign Monetary Fund (FBR) has to collect Rs 3.5 trillion in order to reach its target. The FBR received Rs 34 billion in direct taxes between July and November. The official agreement between Pakistan and the International Monetary Fund has to achieve this goal.
The federal government is focusing on several industries to support economic expansion and address social problems.
A $2.8 billion commitment to enhance Medicare, increase access to medications, and enhance mental health services.
Tax reductions intended to relieve 13.6 million taxpayers’ strain due to rising costs of life (Budget 2024–25).
The renewable energy investment is $65 billion. The $1.5 billion clean energy technology investment. The investment is $20,000 until June 30, 2025, to help small businesses.
The educational system will undergo a $1.6 billion upgrade. Investments in programs assist marginalized groups, including women.
The price of gasoline per liter has increased by 20 or 25 rupees.
Primary Goals of the Budget for FY 2024–2025
1.Financial growth and stability via budgetary restraint and effective utilization of public funds
2.Raising the ratio of governmental debt to GDP to a sustainable level
3. The increase balance payments in the country
4. Strong policy frame work .
5. To improvement IT skill and educational
Resource Allocation between the Federation and the Provinces
Pakistan is a federal democratic country.
A National Finance Commission may be established under Article 160 of the Constitution, with a maximum tenure of five years.
The NFC recommends a certain amount of funding for the federal government and the provinces.
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