<p>Amid the ongoing economic crisis, Pakistan's Finance Minister Ishaq Dar unveiled the annual budget for 2023-24 on Friday (June 9) on the floor of the National Assembly. It was a 14.5 trillion rupee (around $50.5 billion) budget, with over half set aside to service 7.3 trillion rupees of debt. This is being deemed as the last budget of the government before the general elections later this year.&nbsp;</p>

<p>One of the key takeaways from the budget speech was when the minister said that the government was not imposing new taxes for the upcoming year.&nbsp;</p>

<p>As quoted by local media outlets, Dar said that the budget is "not an election budget" and is focusing on the "elements of the real economy". He further added that for the next year, GDP growth had been budgeted at 3.5 per cent, terming it a "modest target".&nbsp;</p>

<p>The government has set aside about 950 billion rupees for vote-winning development projects ahead of a general election later this year. Other measures include civil service pay rises of up to 35 per cent and a 17.5 per cent increase for state pensions.&nbsp;</p>

<p><strong>Also read:&nbsp;<a href="https://www.wionews.com/south-asia/more-than-100-leaders-who-defected-imran-khans-pti-form-new-party-allegedly-backed-by-military-602503">More than 100 leaders, who quit Imran Khan’s PTI, form new party allegedly backed by military</a>&nbsp;</strong></p>

<p>The economy of the nation has been stricken by a balance-of-payments crisis as it attempts to service crippling external debt. Months of political chaos have worsened the situation.&nbsp;</p>

<p>The cost of living crisis is also troubling the common people as inflation has rocketed, the rupee has plummeted and the country can no longer afford imports. This has led to a severe decline in industrial output.&nbsp;</p>

<p><strong>Watch this report:&nbsp;</strong></p>

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<h2><strong>Pakistan defence budget&nbsp;</strong></h2>

<p>Pakistan also hiked defence spending by 15.5 per cent and allocated over Rs 1.8 trillion. Dar said that a sum of Rs 1,804 billion has been proposed for defence, which is higher than Rs 1.523 billion allocated last year. The defence expenditure is 15.5 per cent higher than last year, making up about 1.7 per cent of the GDP.&nbsp;</p>

<p><strong>Also read:&nbsp;<a href="https://www.wionews.com/south-asia/pakistan-imran-khan-gets-bail-in-murder-case-says-lawyer-602350">Imran Khan gets bail from Islamabad high court in lawyer’s murder case</a>&nbsp;</strong></p>

<p>The defence sector expenses are the second biggest component of the annual expenditure after the debt payments, which for the next year would be Rs 7,303 billion and is the biggest single expense of the country. The minister declared a 3.5 per cent GDP growth target for the next year, which is a moderate target.&nbsp;</p>

<p>The minister said that the inflation target for the next fiscal year would be 21 per cent while the budget deficit would be 6.54 per cent of the GDP. He said that the export target would be Rs 30 billion and the target of remittances would be Rs 33 billion.&nbsp;</p>

<p><em>(With inputs from agencies)&nbsp;</em><br />
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Amid the ongoing economic crisis, Pakistan's Finance Minister Ishaq Dar unveiled the annual budget for 2023-24 on Friday (June 9) on the floor of the National Assembly.

Amid the ongoing economic crisis, Pakistan's Finance Minister Ishaq Dar unveiled the annual budget for 2023-24 on Friday (June 9) on the floor of the National Assembly. It was a 14.5 trillion rupee (around $50.5 billion) budget, with over half set aside to service 7.3 trillion rupees of debt. This is being deemed as the last budget of the government before the general elections later this year. One of the key takeaways from the budget speech was when the minister said that the government was not imposing new taxes for the upcoming year. As quoted by local media outlets, Dar said that the budget is "not an election budget" and is focusing on the "elements of the real economy". He further added that for the next year, GDP growth had been budgeted at 3.5 per cent, terming it a "modest target". The government has set aside about 950 billion rupees for vote-winning development projects ahead of a general election later this year. Other measures include civil service pay rises of up to 35 per cent and a 17.5 per cent increase for state pensions. Also read: More than 100 leaders, who quit Imran Khan’s PTI, form new party allegedly backed by military The economy of the nation has been stricken by a balance-of-payments crisis as it attempts to service crippling external debt. Months of political chaos have worsened the situation. The cost of living crisis is also troubling the common people as inflation has rocketed, the rupee has plummeted and the country can no longer afford imports. This has led to a severe decline in industrial output. Watch this report: × Pakistan defence budget Pakistan also hiked defence spending by 15.5 per cent and allocated over Rs 1.8 trillion. Dar said that a sum of Rs 1,804 billion has been proposed for defence, which is higher than Rs 1.523 billion allocated last year. The defence expenditure is 15.5 per cent higher than last year, making up about 1.7 per cent of the GDP. Also read: Imran Khan gets bail from Islamabad high court in lawyer’s murder case The defence sector expenses are the second biggest component of the annual expenditure after the debt payments, which for the next year would be Rs 7,303 billion and is the biggest single expense of the country. The minister declared a 3.5 per cent GDP growth target for the next year, which is a moderate target. The minister said that the inflation target for the next fiscal year would be 21 per cent while the budget deficit would be 6.54 per cent of the GDP. He said that the export target would be Rs 30 billion and the target of remittances would be Rs 33 billion. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Pakistan unveils $51 billion budget with focus on ‘elements of real economy’, hikes defence spending

<p>Pakistan&#39;s embattled Finance Minister Ishaq Dar has been relieved of his duties after the ailing politician, declared a proclaimed absconder by a court in the Panama Papers case, requested leave for three months.</p>

<p>Dar, 67, had arrived in London nearly a month ago and has been seeking treatment of an undefined heart complication at a Harley Street hospital.</p>

<p>He can avail a maximum of three-month leave and should resume duty by&nbsp;February 21&nbsp;otherwise he could be permanently relieved of charge, according to rules.</p>

<p>However, sources said that the development may eventually bring to an end Dar&#39;s almost four-and-a-half-year stint as the finance minister.</p>

<p>Dar sent a three-page letter to the Prime Minister&#39;s Office&nbsp;on Monday&nbsp;seeking leave of absence. In it, he narrated his health condition, saying that his surgeon had asked him to avoid international air travel.</p>

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<h5>Sources said the development may eventually bring to an end Dar&#39;s almost four-and-a-half-year stint as finance minister</h5>
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<p>He said his medical tests in UK showed &quot;diffuse coronary heart disease and possible ischemic heart disease&quot;.</p>

<p>In his letter to Prime Minister Shahid Khaqan Abbasi, Dar said that he wishes to seek &quot;relief for now from looking after the three divisions&quot; that he has been heading for nearly four years.</p>

<p>The government issued two notifications yesterday after Prime Minister Abbasi approved Dar&#39;s leave application.</p>

<p>&quot;The prime minister has been pleased to allow leave of absence to Ishaq Dar... With immediate effect,&quot; said one of the notifications issued by the Cabinet Secretariat.</p>

<p>The second communique announced the decision to withdraw the portfolios of Finance and Economic Affairs Division from Dar.</p>

<p>Prime Minister Abbasi will look after the finance minister&#39;s duties until a replacement is found.</p>

<p>In his letter, Dar said that he had been running the affairs of the ministry via email, WhatsApp etc since October 27, and asked for leave without pay.</p>

<p>Dar was indicted on&nbsp;September 27&nbsp;in a corruption case linked to the Panama Papers case, but he continued to serve as finance minister amid strong criticism from Opposition parties.</p>

<p>An accountability court had on November 14 issued non- bailable arrest warrants for the finance minister because of his repeated failure to appear before it. On November 21, the accountability court declared him a &#39;proclaimed absconder&#39;.</p>

<p>Dar is accused of amassing assets of an approximate value of Rs 831.7 million ? disproportionate to his known sources of income.</p>

<p>Dar had assumed the responsibilities of Minister for Finance, Revenue, Economic Affairs, Statistics and Privatisation in the Cabinet of ousted prime minister Nawaz Sharif in June 2013.</p>

<p>He continued as the Minister for Finance, Revenue and Economic Affairs in the Cabinet of Abbasi but the new premier separated Statistics and Privatisation from the Finance Ministry.</p>

<p>Dar&#39;s son is married to a daughter of Sharif.</p>

<p>The National Accountability Bureau had registered three cases of corruption and money laundering against Sharif, his family members, and Dar in the Islamabad Accountability Court, weeks after the Supreme Court order ousted Sharif.</p>

<p>Dar had advised Abbasi to constitute an advisory committee to look into economic issues in his absence.</p>

<p>The likely members of the economic advisory committee suggested by Dar include Shaukat Tarin, who served as finance minister under the PPP government, and Dr Ishrat Husain, who was governor of the State Bank during the regime of Pervez Musharraf regime.</p>

<p>Two other names being floated include Special Assistant to the Prime Minister on Economic Affairs Miftah Ismail, and Special Assistant to the Prime Minister on Revenue Haroon Akhtar Khan.</p>

<p>Talking to a private TV channel, Minister for Inter- Provincial Coordination Riaz Pirzada yesterday demanded resignation of Dar.</p>

<p>Earlier, the Senate Standing Committee on Finance had also made a similar demand.&nbsp;</p>


Dar, 67, has been in London for nearly a month seeking treatment of an undefined heart complication

Pakistan's embattled Finance Minister Ishaq Dar has been relieved of his duties after the ailing politician, declared a proclaimed absconder by a court in the Panama Papers case, requested leave for three months. Dar, 67, had arrived in London nearly a month ago and has been seeking treatment of an undefined heart complication at a Harley Street hospital. He can avail a maximum of three-month leave and should resume duty by February 21 otherwise he could be permanently relieved of charge, according to rules. However, sources said that the development may eventually bring to an end Dar's almost four-and-a-half-year stint as the finance minister. Dar sent a three-page letter to the Prime Minister's Office on Monday seeking leave of absence. In it, he narrated his health condition, saying that his surgeon had asked him to avoid international air travel. Sources said the development may eventually bring to an end Dar's almost four-and-a-half-year stint as finance minister × He said his medical tests in UK showed "diffuse coronary heart disease and possible ischemic heart disease". In his letter to Prime Minister Shahid Khaqan Abbasi, Dar said that he wishes to seek "relief for now from looking after the three divisions" that he has been heading for nearly four years. The government issued two notifications yesterday after Prime Minister Abbasi approved Dar's leave application. "The prime minister has been pleased to allow leave of absence to Ishaq Dar... With immediate effect," said one of the notifications issued by the Cabinet Secretariat. The second communique announced the decision to withdraw the portfolios of Finance and Economic Affairs Division from Dar. Prime Minister Abbasi will look after the finance minister's duties until a replacement is found. In his letter, Dar said that he had been running the affairs of the ministry via email, WhatsApp etc since October 27, and asked for leave without pay. Dar was indicted on September 27 in a corruption case linked to the Panama Papers case, but he continued to serve as finance minister amid strong criticism from Opposition parties. An accountability court had on November 14 issued non- bailable arrest warrants for the finance minister because of his repeated failure to appear before it. On November 21, the accountability court declared him a 'proclaimed absconder'. Dar is accused of amassing assets of an approximate value of Rs 831.7 million ? disproportionate to his known sources of income. Dar had assumed the responsibilities of Minister for Finance, Revenue, Economic Affairs, Statistics and Privatisation in the Cabinet of ousted prime minister Nawaz Sharif in June 2013. He continued as the Minister for Finance, Revenue and Economic Affairs in the Cabinet of Abbasi but the new premier separated Statistics and Privatisation from the Finance Ministry. Dar's son is married to a daughter of Sharif. The National Accountability Bureau had registered three cases of corruption and money laundering against Sharif, his family members, and Dar in the Islamabad Accountability Court, weeks after the Supreme Court order ousted Sharif. Dar had advised Abbasi to constitute an advisory committee to look into economic issues in his absence. The likely members of the economic advisory committee suggested by Dar include Shaukat Tarin, who served as finance minister under the PPP government, and Dr Ishrat Husain, who was governor of the State Bank during the regime of Pervez Musharraf regime. Two other names being floated include Special Assistant to the Prime Minister on Economic Affairs Miftah Ismail, and Special Assistant to the Prime Minister on Revenue Haroon Akhtar Khan. Talking to a private TV channel, Minister for Inter- Provincial Coordination Riaz Pirzada yesterday demanded resignation of Dar. Earlier, the Senate Standing Committee on Finance had also made a similar demand.

Embattled Pakistan Finance Minister Ishaq Dar given 3 months leave

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Pakistan unveils $51 billion budget with focus on ‘elements of real economy’, hikes defence spending

Embattled Pakistan Finance Minister Ishaq Dar given 3 months leave