ISLAMABAD, Jun 26 (NNN-APP) – The national assembly of Pakistan has passed the federal budget of 14.48 trillion Pakistani rupees (51 billion U.S. dollars), for the fiscal year 2023-2024, after it was sailed through the budget session yesterday.
Addressing the session, the country’s finance minister, Ishaq Dar, said, Pakistan is facing an economic crisis and the government consulted and negotiated with the International Monetary Fund before sailing it through the assembly.
Dar added, the government took austerity measures in the budget, due to the economic situation, and that the country has a strong agriculture base and the sector has the potential to steer it out of the crisis.
In the new budget, the government added 215 billion rupees to new taxes and cut spending by 85 billion rupees in the next fiscal year, starting on Jul 1, 2023.
With the new additions, the government’s taxation target reaches 9.415 trillion rupees and puts total spending at 14.48 trillion rupees.
The finance bill will become effective on Jul 1, after the country’s president, Arif Alvi, signs it into law. (1 Pakistani rupee equals 0.0035 U.S. dollar)– NNN-APP
