Expert and industry views on Pakistan’s Federal budget for FY24

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Pakistan presented its federal budget for the next fiscal year, one of three measures the International Monetary Fund (IMF) will gauge before releasing at least some of the $2.5 billion still pending under a lending programme expiring this month.

A salesman looks at a television screen showing the Pakistan's Finance Minister Ishaq Dar presenting the budget for the 2023/24 fiscal year in the parliament in Islamabad, at a shop in Karachi, Pakistan, June 9, 2023. REUTERS/Akhtar Soomro, one of three measures the International Monetary Fund will gauge before releasing at least some of the $2.5 billion still pending under a lending programme expiring this month.

Experts have mixed reactions on whether the budget will meet IMF requirements and the impact on the economy."Our ongoing economic challenges call for bold action to address our deep-rooted problems. The announced budget 2023-24 falls short of tackling critical issues like expanding the tax net, investing in education and human development, managing the mounting fiscal deficit, and creating an enabling business environment.

"What will change? Will more than 3% of tax payers contribute 90% or more to direct taxation? Will retailers and the agri sectors that together contribute 40% contribute more than 2% as a result of the budget? No. "The budget appears to be a balancing act. Incentives for agricultural sector are encouraging. Company reserves have not been taxed which is a relief.

"There is absence of measures to incentivize investment in manufacturing and other job-creating sectors, while there are no special measures to attract large foreign investment in the country.

 

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