Pakistan Parliament Passes Hefty Rs 18,877 Billion Budget Amidst Protests

Pakistan’s Parliament approved a Rs 18,877 billion budget for the fiscal year 2024-25. The budget, described as being influenced by the IMF, faced criticism from opposition leaders. Finance Minister Muhammad Aurangzeb highlighted the budget's focus on economic growth with a mix of tax revenue targets and development expenditure.

In a significant move, Pakistan's Parliament on Friday ratified an expansive Rs 18,877 billion budget for the fiscal year 2024-25, despite vocal opposition. Critics allege the budget is heavily guided by the International Monetary Fund (IMF) and detrimental to public welfare.

Initially put forth on July 12, the Finance Bill 2024 meticulously outlines government income and expenditures. Extended debates ensued, with Minister Muhammad Aurangzeb spearheading the motion. Approval came with substantial backing from the Pakistan Peoples Party, led by Bilawal Zardari Bhutto.

The ambitious budget projects gross revenue receipts at Rs 17,815 billion, aiming for a 3.6% growth rate. However, opposition leaders, including Omar Ayub and PTI Chairman Gohar Ali Khan, criticize the lack of stakeholder consultation, branding the bill as detached from economic realities. The government aims to boost revenue and cut costs, facilitating discussions for an IMF loan ranging from USD 6 to 8 billion.

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