Federal Minister for Planning Ahsan Iqbal said that the government would cut Rs 250 billion from the proposed budget for the fiscal year 2024-25..
Speaking to the media, Ahsan Iqbal said that confirmed that a cut of Rs 250 billion would be made in the federal development program.
He said that the cut was essential to overcome the revenue shortfall and that the development budget had to bear the brunt of it.
“The Public Sector Development Programme’s (PSDP) budget has been reduced from Rs 1400 billion to Rs 1150 billion,” the minister for planning added.
Ahsan Iqbal said that the sacrifice of the development budget is aimed at relieving the public and agriculture sector from the burden of taxes.
Earlier on Monday, The Senate of Pakistan approved recommendations for the federal budget 2024-25, asking the government to fix the minimum monthly wage for labourers at Rs 45,000
The upper house approved 128-point recommendations presented by the Senate Standing Committee on Finance Chairman Saleem Mandviwala.
The recommendation also included the reduction of indirect taxes by 50 percent and an increase in direct taxes. The Senate also recommended the government to exempt 660 CC cars from customs duty just like the electric cars.
