Budget 2023-2024 represents beginning of process to fix economy's long-term ailments: PM

Budget 2023-2024 represents beginning of process to fix economy's long-term ailments: PM

Islamabad (Web Desk): Prime Minister Shehbaz Sharif on Saturday said that Budget 2023-2024 represents the beginning of the process to fix the economy's long-term ailments.

In a tweet, the premier said that the coalition government has prioritized the right areas that have the potential to spur economic growth, attract investment and make the economy self-sufficient.

PM Shehbaz said making of the Budget (FY2023-24) was particularly a difficult task in view of the persistent challenges arising out of the floods-related relief and rehabilitation, global supply chain disruptions and geostrategic upheavals.

"Never-ending headwinds of political instability created by Imran Niazi damaged the economy and created uncertainty, as the country remained on the boil for well over a year," he said.

The premier said that mindful of the impact of inflation, the government has provided relief to public sector employees and pensioners in the form of pay raise of up to 35% and 17.5% respectively, and increased minimum wage to Rs32,000.

He said a more balanced budget that levies no new tax could not have been possible within the existing constraints.

PM Shehbaz commended all those who remained part of this exercise and played their role in this budget-making exercise.

He said the economy direly needs reforms, which, in turn, can be undertaken in a stable political environment, for economic development is intrinsically linked to political stability.

"It is here that the Charter of Economy appears to be the only way forward for our political parties to achieve prosperity for our people," PM Shehbaz said.

The prime minister's statement comes a day after Finance Minister Ishaq Dar on Friday unveiled the federal budget for FY 2023-24 with a total outlay of Rs14460.