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In late January, Pakistan lifted the artificial cap on its currency, causing the rupee to plunge 20% against the dollar in a few days. The government raised fuel prices by 16%. And the Pakistani central bank raised its interest rate by 100 basis points to battle the country's highest inflation in decades, expected to be as high as 26% in ...
Federal Revenue for the budget was budgeted as Rs 12.163 trillion , with Rs 5.276 trillion being transferred to the provinces, leading to a net revenue of Rs 6.887 trillion, 36.9% higher than the previous year. The FBR's budgetary target was set at Rs 9.200 trillion, 23% than last year's target.
US dollar-Pakistani rupee exchange rate. Between 1948 and July 1955, the Pakistani rupee was effectively pegged to the U.S. dollar at approximately Rs.3/31 per U.S. dollar. Afterwards, this was changed to approximately Rs.4/76 per U.S. dollar, a devaluation of 30%, to match the Indian rupee's value. [29]
The 2024–25 Pakistan Federal Budget is a financial statement of the government's estimated receipts and expenditures for the fiscal year that runs from 1 July 2024 to 30 June 2025. [ 1 ] [ 2 ] On 12 June 2024, finance minister Muhammad Aurangzeb presented the federal budget with a total outlay of Rs18.877 trillion. [ 3 ]
The non-tax income was set around ₨. 800 billion as the government had allocated ₨. 185 billion as energy subsidy. [10] Finance Minister Ishaq Dar maintained that the circular debt amounted to more than ₨. 500 billion was to be eliminated in 60 days. [12] The budget proposes to abolish the ministers' discretionary funds. [12]
The Pakistani rupee depreciated against the US dollar until around the start of the 21st century, when Pakistan's large current-account surplus pushed the value of the rupee up versus the dollar. Pakistan's central bank then stabilized by lowering interest rates and buying dollars, in order to preserve the country's export competitiveness.
About Rs. 24.309 trillion (US$87.24 Billion as of June, 2024) is owed by the government to domestic creditors, and about Rs. 1.67 trillion s/$6 Billion owed by Public Sector Enterprises (PSEs). [6] Pakistan is facing a "huge external financing gap" of $4 billion, with China, Saudi Arabia, and the UAE expected to provide additional support.
The total size of the budget is Rs. 7136 (US$25) billion. [2] Rs. 1289 (US$4.50) billion for defense, Rs. 83.3 (29¢ US) billion for education (7.9 per cent from higher than the last budget), Rs. 70 (24¢ US) billion were allocated for preventing coronavirus, Rs. 80 (28¢ US) billion for special economic