Islamabad: Pakistan's Shehbaz Sharif government presented a budget of 14.5 trillion Pakistani rupees (about $ 50.5 billion) on Friday (June 9). More than half of this budget, Rs 7.3 trillion, has been set aside to repay the debt. At present, Pakistan's economy is struggling with a crisis and it does not have money to repay the debt of other countries.
According to the report, Finance Minister Ishaq Dar presented the budget for the financial year 2023-24 (FY24) in the National Assembly. During the speech, he said that the government is not implementing any new tax for the coming year. Dar further said that the gross domestic product (GDP) growth rate for next year has been estimated at 3.5 per cent. He said this budget is "not an election budget" and reflects the "real economy". The Finance Minister said that agriculture is the backbone of the economy and this budget has given special focus on this sector. He then listed some of the specific measures taken for the agriculture sector, including increasing key agricultural credit from Rs 1.8 trillion to Rs 2.25 trillion.
Due to the repayment of external debt, Pakistan's currency reserves have also reached the verge of ending. At the same time, months of political chaos in Pakistan have also scared potential foreign investment. Due to the turmoil in Pakistan, external investment has almost stopped coming. Inflation is extreme. The Pakistani rupee is falling almost daily. The country has now reached such a situation that it cannot import anything from outside. That is why there has been a tremendous decline in industrial production.
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