Finance Minister Aurangzeb Presents Pakistan’s Economic Survey for Fiscal Year 2024
Finance Minister Muhammad Aurangzeb recently presented Pakistan’s economic survey for the fiscal year 2024 at a press conference in Islamabad. The Pakistan Economic Survey is an annual report that provides an overview of the country’s economic progress for the outgoing financial year.
Aurangzeb discussed various economic aspects, emphasizing the impact of inflation and the country’s relationship with the IMF. He praised Prime Minister Shehbaz Sharif for signing a Stand-by agreement with the IMF, which improved the country’s economic situation.
The agriculture sector showed significant growth, surpassing targets and previous year’s performances. However, the industrial and services sectors did not meet the set targets. The Federal Board of Revenue saw a 30.6% increase in tax collection, significantly surpassing the target set by the government.
Future Outlook
The next stage involves presenting the budget for the next financial year to the National Assembly, with discussions on the IMF bailout conditions shaping the budget provisions. Pakistan aims to secure a larger IMF bailout for the future economic stability of the country.
Despite facing challenges at the beginning of fiscal year 2023-24, Pakistan’s economy made a moderate recovery, driven primarily by the agriculture sector. The services sector also experienced growth, while total revenue collection surpassed expectations. The country is on a path to economic stability with declining inflation rates and strategic financial planning.
Stay tuned for more updates on Pakistan’s economic progress.