PML(N)-led coalition, headed by Prime Minister Muhammad Shehbaz Sharif, has got the federal budget for the new financial year 2024-25 passed by the National Assembly on June 29,2024. 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 intended to implement both on the development and non-side.
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 saving the readers some inconvenience, through this article 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 reducing the federal government control as much as possible through privatization, stimulating both local and foreign investments and reorienting the productive sectors towards boosting country’s exports.
The federal government has curtailed non-essential and avoidable unproductive expenditure, promised to take maximum possible austerity measures and revamping of the state owned enterprises through improved management and good governance.
The federal government’s main objectives for the 2024-25 budget include achieving economic stability and growth through fiscal consolidation and efficient use of public funds. Key goals are reducing the public debt-to-GDP ratio to sustainable levels, improving the balance of payments, and revitalizing the private sector by fostering entrepreneurship, encouraging investment, and promoting innovation. The budget also aims to enhance public service delivery by increasing funds for the Public Sector Development Programme (PSDP), introducing sector-specific reforms, and integrating green and gender-responsive budgeting. Additionally, it emphasizes education and skill development for the youth and supports vulnerable sections of society through pro-poor initiatives.
In passing, it may be mentioned here that the federal government has allocated the ever-highest amount of Rs 1400 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 governments wants to do for the overall good of the country and welfare of the people materialises and implemented by all those entrusted with giving the measures and initiatives in the right earnest honestly, sincerely and committedly.
—The writer is Lahore-based columnist and retired Deputy Controller (News), Radio Pakistan, Islamabad.
(zahidriffat@gmail.com)
