Pakistan's Ambitious Economic Blueprint: Budget 2024/25 Unveiled

Pakistan has unveiled its budget for the fiscal year ending June 2025, targeting a 3.6% economic growth to secure an IMF bailout. Key highlights include a fiscal deficit of 6.9% of GDP, total spending at 18.9 trillion rupees, and total tax revenue targets set at 13 trillion rupees.

Pakistan released its budget for the fiscal year to June 2025 on Wednesday, setting a target of 3.6% economic growth as it looks to secure a new bailout deal from the International Monetary Fund (IMF). Here are some of the highlights from the 2024/25 budget:

GDP/DEFICIT * Targets 3.6% economic growth for 2024/25

* Fiscal deficit seen at 6.9% of GDP for 2024/25 EXPENDITURE

* Total spending estimated to be 18.9 trillion Pakistani rupees ($67.84 billion) in 2024/25 * Expects debt servicing of 9.8 trillion rupees in 2024/25

* Defence expenditure of 2.1 trillion rupees expected in 2024/25 * Pension payments seen at 1 trillion rupees in 2024/25

* Total subsidies projected at 1.4 trillion rupees in 2024/25 * Projects 27% increase in cash handouts to 600 billion rupees under income support in 2024/25

REVENUE * Targets total tax revenue of 13 trillion rupees for 2024/25

* Targets total non-tax revenue of 3.5 trillion rupees in 2024/25 * Aims to secure 30 billion rupees from privatisation in 2024/25

*Targets next external receipts of 666 billion rupees in 2024/25 ($1 = 278.6000 Pakistani rupees) (Compiled by Sakshi Dayal)