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Sunday, March 03, 2024  
21 Shaban 1445  

Pakistan ‘proposes’ inflation target of 21% in estimates for FY24 budget

Proposals ahead of budget presentation also include fiscal deficit target of 7.7% of GDP
A labourer bends over as he carries packs of textile fabric on his back to deliver to a nearby shop in a market in Karachi, Pakistan on June 24, 2022. Reuters
A labourer bends over as he carries packs of textile fabric on his back to deliver to a nearby shop in a market in Karachi, Pakistan on June 24, 2022. Reuters

Pakistan has proposed a Gross Domestic Product growth target of 3.5% and an inflation projection of 21% in estimates for its fiscal year 2023/24 budget, an official source told Reuters on Tuesday.

Prime Minister Shehbaz Sharif’s government is set to present its annual budget on Friday, at a time when the crisis-hit South Asian country is looking for an International Monetary Fund (IMF) bailout.

The numbers were shown in meetings ahead of the budget announcement and may change in reviews in the lead-up to the presentation by Finance Minister Ishaq Dar in parliament, the source added.

PM Shehbaz is chairing a meeting of the National Economic Council on Tuesday to review the numbers.

The budget is being keenly watched as the government looks to balance reforms targets set by the IMF and a national election scheduled to be held before early November.

The proposals ahead of the budget presentation also include a fiscal deficit target of 7.7% of GDP and a revenue target of Rs9.2 trillion ($32.17 billion), said the source, who is privy to the budget planning exercise.

The total outlay of the budget is also expected to be Rs14.5 trillion ($50.70 billion).

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