The PML(N)-led coalition headed by Prime Minister Muhammad Shehbaz Sharif got the federal budget for the new financial year 2024-25 passed by the National Assembly on June 29 (today). This was made possible through the support of the federal government and most importantly by the PPP. Irrespective of when the federal budget is presented, it has to be discussed and voted upon before midnight of June 30 marking the end of the ongoing financial year and budgetary measures get under implementation from 1st July, the first day of the new financial year. The budget outlines receipts of the federal government and how these resources are going to be spent and utilized during the ensuing new fiscal year. It indicates measures which the federal government intends to implement both on the development and non-development sides.
This was PM Shehbaz Sharif’s first budget of his second term which commenced after the February general election and maiden presentation by Federal Finance Minister Mohammad Aurangzeb who had just surfaced from somewhere in a surprising manner.
Quite obviously, through the budget the federal government has made a number of promises for taking adequate measures for the people and promised to provide as much relief as possible to all segments of the society throughout the new financial year. How many of these promises are fulfilled can only be known at the end of the financial year through official documents and other sources.
Avoiding mentioning of big budgetary figures, thus saving the readers some inconvenience, this scribe is presenting mainly the key priorities, main objectives as well as the budget strategy, of the federal government for financial year 2024-25 which have become available from the official sources as well as a couple of handy documents.
Accordingly, sine the progress on the economic front has somewhat been pretty steady during the last couple of years or so, the stage was apparently all set for the country for gearing itself towards an era of sustained and inclusive growth by resorting to reforms in all sectors of the national economy in a determined and committed manner. The federal government has committed to ensure fiscal discipline and reduce the federal government control as much as possible through privatization, stimulating both local and foreign investments and reorienting the productive sectors towards boosting the country’s exports.
Let us keep our fingers crossed praying and hoping that all that what the federal government wants to do for the overall good of the country and welfare of the people materializes and is implemented by all those entrusted with giving the measures and initiatives in the right earnest honestly, sincerely and committedly.
The federal government has curtailed non-essential and avoidable unproductive expenditure, , promised to take maximum possible austerity measures and revamped the state owned enterprises through improved management and good governance.
The federal government ‘s main objectives underlying its new budget for the ensuing financial year 2024-25 include economic stability and growth through fiscal consolidation and efficient use of the public money; bringing down the ratio of public debt to Gross Domestic Product (GDP) to sustainable levels; prioritizing improvements in the balance of payments position; strengthening the policy framework for revitalizing the private sector, fostering entrepreneurship, encouraging investment, and promoting innovation for stimulating the economic growth; improving service delivery and the public good by funneling more into the Public Sector Development Programme (PSDP) , introducing sector-specific reforms and encouraging innovation; integrating green and gender responsive budgeting into public finance management, and more importantly and significantly , taking measures for education and skill development of the youth, and supporting vulnerable sections of the society through pro-poor initiatives and measures.
In passing, it may be mentioned here that the federal government has allocated the ever-highest amount of Rs 1400 billion for financing the PSDP with focus on financing the fast moving development projects in different sectors and keeping the provision of funds to the lowest level for slow moving development projects.
Let us keep our fingers crossed praying and hoping that all that what the federal government wants to do for the overall good of the country and welfare of the people materializes and is implemented by all those entrusted with giving the measures and initiatives in the right earnest honestly, sincerely and committedly.
