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President Asif Zardari stresses to provide relief to poor and middle class in federal budget

ISLAMABAD – President Asif Ali Zardari has emphasized the need to provide relief to the poor and middle class in the upcoming federal budget for fiscal year 2024-25.

President Asif Ali Zardari made the following remarks during a meeting with Prime Minister Shehbaz Sharif. Ahsan Iqbal, the Federal Minister for Planning and Special Initiatives, was also present at the meeting.

PM Shehbaz Sharif met with President Asif Ali Zardari on Tuesday to seek his full support and that of the Pakistan Peoples Party (PPP) for the upcoming budget approval.

The president pledged full cooperation in achieving the country’s financial and development goals.

Also read: Budget 2024-25: An Overview.

The two sides discussed the country’s economic situation. They also discussed considerations for public relief in the upcoming budget.

Prime Minister Shehbaz Sharif also informed the president about his recent visit to China. Heads of state and government also discussed development projects for the upcoming budget.

On this occasion, President Asif Ali Zardari urged the PM to include relief for the poor and middle class in the upcoming federal budget.

The government will present a budget of Rs. 18 trillion.

It is worth noting that the government is set to present a federal budget of more than Rs18,500 billion today (Wednesday).

The government has set aside Rs2,100 billion for defence and Rs9,700 billion for interest payments on loans reserved. A budget of Rs. 1500 billion has been set aside for development projects.

The budget allocates 253 billion rupees for the energy sector, 827 billion rupees for infrastructure, 800 billion rupees for energy sector subsidies, 206 billion rupees for water resources, and 279 billion rupees for transportation and communication. The budget sets a GDP growth target of 3.6 percent.

FBR to collect taxes worth Rs. 12,970 billion.

The Federal Board of Revenue (FBR) has set a target of 12 thousand 970 billion rupees in tax collection for the upcoming fiscal year.

In comparison to the current fiscal year, the FBR will be required to collect an additional 3720 billion rupees, 3452 billion in direct tax, and 267 billion in customs duty.

The Inland Revenue will collect 11 thousand 379 billion rupees in taxes, 5 thousand 512 billion in direct taxes, and 5 thousand 454 billion in income tax.

An additional target of 1773 billion rupees has been set for the income tax volume of 2500 billion rupees.

On the other hand, a meeting of the PPP’s parliamentary party was held under the chairmanship of former foreign minister Bilawal Bhutto Zardari, during which members of the assembly expressed their concerns about the budget and stated that the conditions under which Shehbaz supported the government are still pending implementation.

Speaking to the media, PPP leader Syed Khurshid Shah stated, “We do not know which and what kind of budget; we are also unaware of the agreements with the IMF and China. Historically, the opposition was trusted, but an ally is not.

Read more: The government presents a Rs18,900 billion growth-oriented budget today.







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