Federal Minister Ishaq Dar Announces Fiscal
Budget for 2023-24 with
Focus on Economic Growth
Introduction:
In a recent news conference held in Islamabad, Federal Minister for Finance and Revenue, Senator Ishaq Dar, declared that the economic erosion in the country has been halted. He emphasized that the upcoming federal budget for the fiscal year 2023-24 will prioritize development initiatives linked to economic growth. Minister Dar assured stakeholders that the government is committed to addressing their concerns regarding the budget. He also announced the formation of two committees within the Federal Board of Revenue (FBR) to address any anomalies in the budget and provide a platform for individuals with complaints or recommendations to be heard and considered by the government.
Budget Highlights:
Minister Ishaq Dar, accompanied by Minister of State for Finance and Revenue, Dr. Aisha Ghous Pasha, provided insights into the budget during the news conference. The budget, with a total outlay of Rs14.46 trillion, includes a federal Public Sector Development Programme (PSDP) worth Rs1,150 billion, the highest ever in terms of its size. Minister Dar expressed confidence that if the PSDP funds are invested transparently, the target of achieving 3.5% economic growth is easily attainable. He emphasized that this growth target is realistic, as various multilateral institutions, including the Asian Development Bank (ADB), project a conservative 2% growth, while the International Monetary Fund (IMF), Bloomberg, and Fitch expect a higher growth rate of 3.5% to 4%.
Focus on Economic Growth:
Minister Ishaq Dar highlighted that the budget presented a departure from traditional budgetary practices, with a strong emphasis on progress linked to economic growth. The government aims to reverse all economic losses and set a course to achieve the economic marks achieved in 2017. This indicates a determination to revive and surpass previous levels of economic prosperity. Minister Dar stressed the importance of transparent and accountable investment of funds to ensure the successful realization of the economic growth target.
Formation of Committees within the FBR:
In an effort to address any concerns or discrepancies related to the budget, Minister Dar announced the establishment of two committees within the Federal Board of Revenue. These committees will focus on business-related issues and technical matters, respectively. The committees will be formed by the upcoming Monday, and their purpose will be to identify any missed aspects of the budget and provide an opportunity for individuals with complaints or genuine recommendations to have their voices heard and considered.
Conclusion:
The recent news conference held by Federal Minister for Finance and Revenue, Senator Ishaq Dar, shed light on the upcoming federal budget for the fiscal year 2023-24. Minister Dar expressed confidence that the economic erosion has been halted, and the government is determined to spur economic growth through the budget. With a focus on transparent investment and accountability, the government aims to achieve a 3.5% economic growth target, surpassing conservative projections from various multilateral institutions. The formation of committees within the FBR demonstrates the government's commitment to addressing concerns and incorporating feedback from stakeholders. The budget aims to reverse economic losses and strives to achieve economic marks set in 2017, reflecting the government's ambition to revitalize the country's economic prosperity.