Prime Minister Shehbaz Sharif has directed the government’s economic team to utilize all available resources to provide maximum relief to the common man in the budget for the upcoming fiscal year 2023-24. In a meeting held to review the preparations for the budget, the Prime Minister emphasized the need to take every possible step to minimize the financial crisis faced by the middle and lower-income segments of society.
The economic team briefed the Prime Minister on the budget preparation, including the revised targets for tax collection in the current fiscal year and the proposed targets for the next fiscal year. It was informed that the budget for 2023-24 would be presented on June 9, following approval from the federal cabinet.
The meeting highlighted that Pakistan’s economy is gradually moving towards stability, with the fiscal deficit continuously declining. Prime Minister Shehbaz expressed satisfaction over the country’s current account balance turning to surplus after several years and showing a surplus for the past two months. He also acknowledged the declining trend in Urea fertilizer prices, attributing it to timely government action.
Furthermore, the Prime Minister emphasized the need to finalize pension reforms promptly. He stressed the establishment of a pension fund through innovative methods to minimize the financial burden on the national exchequer while ensuring the welfare of pensioners. PM Shehbaz Sharif also directed practical steps to expand the tax net and increase tax revenues.
