Pakistan aims to achieve a growth of 3.5% in its fiscal budget

Pakistan’s finance minister said, on Saturday, that the expectation of economic growth of 3.5 percent in the government’s budget for the fiscal year ending in June 2024 is a “realistic goal.”

Minister Muhammad Ishaq Dar said at a press conference in Islamabad, a day after the budget for the 2023-2024 fiscal year was presented that the target had been set “at the very least”.

The budget is closely monitored by the International Monetary Fund; As the South Asian country seeks to obtain more funds within the framework of a financial rescue program in light of the economic crisis and the balance of payments crisis.

In the fiscal year ending this month, Pakistan’s GDP was expected to grow by just 0.29 percent. According to the budget, the country is expected to record a fiscal deficit of 6.54 percent of GDP in the new fiscal year.

The country is facing a series of economic crises, which were exacerbated by the suspension of financing for the financial rescue program from the International Monetary Fund. (Reuters)