ISLAMABAD: Finance and Revenue Minister Ishaq Dar unveiled the budget for the financial year 2023-24 during a National Assembly session on Friday, with Prime Minister Shehbaz Sharif in attendance. The session began with the recitation of the Holy Quran and the national anthem. In his opening remarks, the finance minister drew comparisons between the economic performances of the Pakistan Muslim League-Nawaz (PML-N) and Pakistan Tehreek-e-Insaf (PTI) governments.
According to exclusive documents obtained by News, the total budget outlay for the upcoming fiscal year has been set at Rs14.5 trillion. The government has targeted non-tax revenue of Rs2.7 trillion, along with a tax collection goal of Rs9.2 trillion for the Federal Board of Revenue (FBR).
The proposed budget also allocates Rs5.27 trillion to the provinces, emphasizing the government's commitment to devolution and regional development. Furthermore, defense expenditures are expected to amount to Rs1.8 trillion, reflecting the significance accorded to national security.
These figures shed light on the financial priorities and allocations outlined by the government for the upcoming fiscal year. As the budget proposal is deliberated upon in the National Assembly, the allocated funds will be scrutinized to ensure they cater to the needs of the country and its citizens.
The budget announcement serves as a roadmap for the government's fiscal policies and development initiatives in the coming year. It showcases the government's efforts to strike a balance between revenue generation, social welfare programs, infrastructure development, and defense requirements.
With the budget proposal now tabled, it will undergo thorough evaluation and debate by lawmakers to ensure its alignment with the national priorities and objectives. The budgetary decisions made will play a crucial role in shaping the country's economic trajectory and determining the allocation of resources to various sectors.
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