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President Asif Zardari emphasizes the importance of offering assistance to the impoverished and middle-income groups in the federal budget.

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President Asif Ali Zardari has emphasized the importance of offering assistance to the impoverished and middle-income individuals in the forthcoming federal budget for the fiscal year 2024-25.

President Asif Ali Zardari expressed these remarks during in a meeting with Prime Minister Shehbaz Sharif. The conference was attended by Ahsan Iqbal, the Federal Minister for Planning and Special Initiatives.

Prime Minister Shehbaz Sharif held a meeting with President Asif Ali Zardari on Tuesday to request complete support from him and the Pakistan Peoples Party (PPP) for the next budget approval.

The President pledged to offer complete cooperation in attaining the objectives for the economic and developmental advancement of the nation.

Additionally, please peruse: Overview of the 2024-25 Budget

Both parties engaged in a discussion over the current economic state of the country. In addition, they deliberated on factors regarding the provision of assistance to the general people in the forthcoming budget.

Prime Minister Shehbaz Sharif also briefed the president about his recent visit to China. Leaders of nations and governments also deliberated on the development initiatives outlined in the forthcoming budget.

President Asif Ali Zardari emphasized to the Prime Minister the importance of offering assistance to the impoverished and middle-class individuals in the forthcoming federal budget.

The government is set to unveil a budget of Rs. 18 trillion.

It is important to mention that the government is prepared to deliver a federal budget above Rs18,500 billion today (Wednesday).

The government has allotted a sum of Rs2,100 billion for defense expenditures and Rs9,700 billion for interest payments on reserved loans. An allocation of Rs. 1500 billion has been made for development projects.

The budget allocates 253 billion rupees for the energy sector, 827 billion rupees for infrastructure, 800 billion rupees for energy sector subsidy, 206 billion rupees for water resources, and 279 billion rupees for transport and communication. The budget has a GDP growth target of 3.6 percent.

The Federal Board of Revenue (FBR) will collect taxes amounting to Rs. 12,970 billion.

The Federal Board of Revenue (FBR) has been assigned a tax collection target of 12,970 billion rupees for the upcoming fiscal year.

The Federal Board of Revenue (FBR) would need to generate an additional revenue of 3,720 billion rupees, with 3,452 billion rupees coming from direct taxes and 267 billion rupees from customs duties, in comparison to the current financial year.

The Inland Revenue’s tax revenue is projected to reach 11,379 billion rupees, with direct taxes accounting for 5,512 billion rupees and income tax contributing 5,454 billion rupees.

The income tax volume has set an extra objective of 1773 billion rupees, bringing the total aim to 2500 billion rupees.

Conversely, the parliamentary party of PPP convened a meeting led by former foreign minister Bilawal Bhutto Zardari. During the meeting, assembly members voiced their apprehensions about the budget and stated that the terms upon which Shehbaz supported the government have yet to be fulfilled.

PPP leader Syed Khurshid Shah expressed his lack of knowledge on the specific details of the budget, as well as the agreements with the IMF and China, during a conversation with the media. In the past, the opposition was consulted, while an ally is not consulted.

The government is presenting a growth-oriented budget today, which amounts to Rs18,900 billion.

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Moody’s says the IMF programme will increase Pakistan’s foreign financing.

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Moody’s, a reputable international rating agency, has stated that Pakistan’s chances of acquiring funding will increase as a result of the recent agreement with the International Monetary Fund (IMF), which offers dependable sources for that purpose from both friendly countries and international financial institutions.

According to a recent Moody’s analysis on Pakistan’s economy, social unrest and tensions could result from Pakistan’s ongoing inflation. The country’s economic reforms may be hampered by increased taxes and potential changes to the energy tariff, it continued.

Moody’s, on the other hand, agrees that the coalition government headed by Shehbaz Sharif of the PML-N is in danger of failing to secure an election mandate, which may potentially undermine the successful and long-lasting execution of economic reforms.

The government’s capacity to proceed with economic changes may be hampered by societal unrest and poor governance, according to Moody’s.

In order to appease the IMF by fulfilling a prerequisite for authorising a rescue package, the government raised the basic tariff on electricity, which coincided with the most recent increase in fuel prices announced on Monday. This report was released by Moody’s.

Food costs have increased in the nation, where the vast majority is experiencing an unprecedented crisis due to the high cost of living, following the government’s earlier presentation of a budget that included a large increase in income tax for the salaried classes and the implementation of GST on commodities like milk.

The most recent comments were made following Islamabad’s achievement of a staff-level agreement for a $7 billion contract that spans 37 months and is contingent upon final approval by the IMF Executive Board.

It states that Pakistan will need foreign financing totaling about $21 billion in 2024–2025 and $23 billion in 2025–2026, meaning that the country’s present $9.4 billion in reserves won’t be sufficient to cover its needs.

Therefore, according to Moody’s, Pakistan is in an alarming position with regard to its external debt, and the next three to five years will be extremely difficult for the formulation and implementation of policies.

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Accepting provisional respite: Sanam Javed and family relocated to KP House

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Sanam Javed, the leader of the Pakistan Tehreek-e-Insaf (PTI), and her family have moved into KP Home, an Islamabad guest home.

As a result of the Islamabad High Court’s order to postpone her arrest until Thursday, Sanam Javeed is currently free.

Records of cases filed against her have also been sought by the court.

As instructed by Chief Minister Ali Amin Gandapur of KPK, the PTI leader and her family were received at the KP House. The CM communicated with Ms. Javeed’s father and husband.

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Adiala Jail is visited by a NAB team to question Khan and Bushra Bibi.

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As per a recent Toshakhana reference, a team from the National Accountability Bureau (NAB) has reached Adiala Jail with the intention of probing PTI founder Imran Khan and his spouse PTI Bibi.

The NAB team questioning Khan and Bushra Bibi is led by deputy director Mohsin Haroon, according to jail sources.

Regarding the latest corruption reference, the pair is behind bars. Today is the third day that the NAB team has been looking into them.

They answered questions from the NAB team for more than three hours on Monday.

After the fresh reference, Khan and Bushra Bibi were placed under physical remand for eight days by Judge Muhammad Ali Warraich of the Accountability Court.

See Also: Imran Khan and Bushra Bibi are detained in NAB prison for eight days in connection with the Toshakhana case

The release of Khan and Bushra Bibi in the Iddat case was earlier ordered by District and Sessions Judge Afzal Majoka, who also postponed their sentences.

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