Pakistan's Ambitious 2024/25 Budget Targets IMF Bailout

Pakistan released its 2024/25 budget, aiming for 3.6% GDP growth and setting a budget deficit of 6.9% of GDP. Major allocations include 2.1 trillion rupees for defense and 1 trillion for pensions. The government targets 13 trillion in tax revenue and plans austerity measures to secure an IMF bailout.

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

* Budget deficit seen at 6.9% of GDP for 2024/25 * Projects fiscal deficit at 5.9% of GDP for 2024/25

GDP/DEFICIT * Targets primary surplus of 1% of GDP in 2024/25

EXPENDITURE * Total spending estimated to be 18.9 trillion Pakistani rupees ($67.84 billion) 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 AUSTERITY MEASURES

* Expects debt servicing of 9.8 trillion rupees in 2024/25 ($1 = 278.6000 Pakistani rupees) (Compiled by Sakshi Dayal)

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