Finance Minister Ishaq Dar delivered a post-budget press conference in Islamabad, highlighting the progress made by the Shehbaz-led government in steering Pakistan away from economic vulnerability and towards stability.
Emphasizing the objective of the press conference to address any discrepancies, Minister Dar informed that two committees were formed by the Federal Board of Revenue (FBR) to ensure smooth implementation of the budget. These committees are scheduled to commence their work from Monday, as announced by Mr. Ishaq during the conference.
The statement came a day after Dar presented the budget for the fiscal year 2023-24, which outlined a total outlay of Rs14.46 trillion and projected a GDP growth rate of 3.5%. Minister Dar expressed the government’s determination to reverse all economic losses and restore the country’s economic indicators to the levels achieved in 2017.
He stressed the importance of transparent and efficient implementation of the Public Sector Development Program (PSDP) to facilitate the targeted growth rate. While acknowledging the profound vulnerability faced by Pakistan, he reassured that measures have been taken to prevent any further deterioration.
Pakistan will not default:
Minister Dar firmly asserted that Pakistan is committed to avoiding default on its financial obligations. He highlighted the government’s long-standing plan to achieve self-sufficiency and self-reliance. Regarding the International Monetary Fund (IMF), Dar stated that the ninth and tenth reviews have been prioritized, with a request made to expedite the former and initiate the latter. However, he acknowledged that the IMF is an independent entity and holds the final decision. Nonetheless, Dar expressed confidence in alternative options and conveyed the government’s dedicated efforts to successfully complete the reviews and secure disbursements.
The amount allocated for general elections in the budget:
Addressing concerns about the budget allocation for general elections, Dar clarified that no government members had made statements regarding election delays. He explained that coalition members have the right to express their views. The budget allocation for elections was made in consultation with the Election Commission of Pakistan, and the government respects the freedom of its coalition partners to voice their opinions. Dar emphasized that no unconstitutional remarks were made by the mentioned party, as the constitution itself provides provisions for such situations. He reaffirmed the government’s commitment to allocate funds for elections and stressed the importance of holding elections on time. Regarding statements made by leaders of other parties, Dar stated that the government is open to engaging in discussions, reiterating that it has no ill intentions regarding the matter.
Pakistan’s GSP Plus Status: Boosting Exports and Pursuing Extension:
In the realm of international trade, Finance Minister Ishaq Dar highlighted Pakistan’s recognition as the 24th largest global economy during his party’s previous tenure. Reaffirming the government’s strong commitment to bolstering exports, Dar emphasized the timely payments made by Pakistan. With a focus on prioritizing the export sector, the minister acknowledged the overall contraction of business, resulting in a modest growth rate of 0.29%. Addressing the critical matter of the Generalized Scheme of Preferences (GSP) Plus status, Dar acknowledged the involvement of human rights and political influence. Assuring proactive efforts by the commerce ministry and Foreign Office, he expressed hope for the extension of Pakistan’s GSP Plus status, which plays a vital role in trade facilitation and economic growth.
Read More: The Rs14.5trillion Fiscal Year 2023-24 budget released by FM Ishaq Dar has “no new taxes.”
Minister Dar’s Vision for National Development and Economic Transformation:
Minister Dar highlighted the importance of making national development a collective objective, steering Pakistan towards a path of progress. He unveiled the government’s intention to ignite an agricultural revolution, recognizing the untapped potential within this sector.
The minister emphasized efforts to reduce the burden of debt servicing, initiate economic growth, and foster positive changes such as increased employment opportunities, improved macroeconomic indicators, reduced inflation, and job creation.
Additionally, he emphasized the formation of two committees within the FBR to address overlooked aspects and provide a platform for grievances and valuable recommendations. Minister Dar described the budget as unique, focusing on progress aligned with economic growth and implementing consistent ad-hoc relief measures.
