Federal Minister of Finance and Revenue Ishaq Dar defined the FY2023-24 budget differently from previous traditional budgets, underlining its emphasis on progress linked to economic growth.
The minister was speaking at a post-budget press conference in Islamabad, just a day after presenting the government budget for Fiscal Year 2023-24, which totaled Rs14.5 trillion.
In a news conference, the finance minister stated that the coalition government will remove trader reservations before adopting the federal budget via parliament. The minister stated that he will organize two committees to address business and technical challenges.
“There is a customary practice within the FBR of forming two committees — one for business-related issues and the other for technical matters,” Ishaq Dar explained.
The finance minister stated that committees will be constituted by the FBR chairman by Monday, with the main objective of addressing any overlooked aspects and providing an opportunity for individuals to weigh their real complaints.
‘No new tax imposed’
Dar defended the Public and Private Partnership grant of Rs950 billion and Rs200 billion, calling it a “new high.” He defined the FY2023024 budget as distinct from previous traditional budgets, underlining its emphasis on progress related to economic growth.
“No new taxes are being imposed this year, and the government has tried to provide as much relief as possible,” said Ishaq Dar.
He stated that the government’s goal is to reverse all economic losses. “Employment opportunities would grow, inflation would fall, and more jobs would be created.” As a result, the policy interest rate would fall,” he noted.
He also predicted that inflation would be around 21% in the following fiscal year [2023-24], with government spending anticipated at Rs14,040 billion.
Reforms necessary in power sector
The finance minister stated that the budget allotted about Rs1900 billion to the power sector. He emphasised the importance of addressing and improving this sector.
Dar emphasised the importance of renewable energy and underlined that no additional subsidies would be introduced in this sector.
The minister responded to the distribution of another report on the pullout of edible oil by stressing that no such withdrawal occurred.