Pakistani PM Shehbaz Sharif
Islamabad: The economic condition of Pakistan is bad. The common people are suffering from inflation. The rulers of this country ask for money from all over the world. But, now put aside these things because we are going to tell you the real truth of this poor country. We are going to tell you where Pakistan spends money. You must be thinking that Pakistan spends money to fulfill the needs of its people…sir, forget it, it is not like that at all. Pakistan is hungry for bombs and ammunition and this country, unconcerned about the problems of the people, spends a lot of money on these things.
Pakistan increased defense budget
In fact, Pakistan has increased the allocation for the defense sector by 15 percent to Rs 2,122 billion in the budget presented on Wednesday for the financial year 2024-25. This is a significant increase compared to the defense budget of the previous financial year. Pakistan, which is facing a debt crisis, has taken this step at a time when it is trying to get a new loan from the International Monetary Fund (IMF) to meet the country’s external liabilities. Finance Minister Mohammad Aurangzeb presented the budget for the next financial year in the National Assembly, the lower house of Parliament.
This is the first budget of the coalition government
This is the first budget of the Pakistan Muslim League-Nawaz (PML-N) and Pakistan Peoples Party (PPP) coalition government, which came to power after the general elections held on February 8. Last year, the government allocated Rs 1,804 billion for the defense sector. This figure was more than Rs 1,523 billion of the previous year. Aurangzeb said that the government has set a target of 3.6 percent growth in gross domestic product (GDP) for July 2024-June 2025. This is more than the target of 3.5 percent for the financial year 2023-24.
Also know this
Finance Minister Mohammad Aurangzeb said the total budget amount would be Rs 18,877 billion and it has proposed to allocate Rs 2,122 billion for defence spending. This is 14.98 percent more than the previous fiscal year. He said the inflation target for the next fiscal year would be 12 percent while the budget deficit target has been set at 6.9 percent of GDP. The Finance Minister said the tax collection target would be Rs 12,970 billion – 38 percent more than the previous year. (Language)
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