Federal Minister for Finance and Revenue Ishaq Dar on Saturday described the FY2023-24 budget as being different from past traditional budgets, emphasising its focus on progress linked to economic growth.

The minister was addressing a post-budget press conference in Islamabad a day after he presented the federal budget for Fiscal Year 2023-24 with a total outlay of Rs14.5 trillion.

Addressing the presser, the finance minister said that the coalition government will remove reservations of traders before passing the federal budget from parliament. The minister said that he will form 2 committees to address business-related issues and technical matters.

“There is a customary practice of forming two committees within the FBR — one for business-related issues and the other for technical matters,” Ishaq Dar added.

The finance minister said committees will be formed by Monday by FBR chairman, adding that the main purpose of forming these committees is to address any missed aspects and provide an opportunity for individuals to consider their genuine reservations.

‘No new tax imposed’

Dar defended the allocation of Rs950 billion and Rs200 billion from the Public and Private Partnership mode, terming it a “new high.” He described the FY2023024 budget as being different from past traditional budgets, emphasising its focus on progress linked to economic growth.

“No new tax is being imposed this year, and the government has tried to provide as much relief as possible, “Ishaq Dar said.

He expressed the government’s aim to reverse all economic losses. “Employment opportunities would increase, a reduction in inflation, and the creation of more jobs. Consequently, the policy interest rate would also decrease,” he added.

He further said that inflation would be around 21 per cent in the next fiscal year [2023-24] while the government expenditure was estimated at Rs14,040 billion.

Reforms necessary in power sector

The finance czar said that over Rs1900 billion was allocated solely for the power sector in the budget. He underlined the need to address and improve this sector.

Dar mentioned the emphasis placed on renewable energy sector and clarified that no new subsidies were being introduced in this sector.

The minister addressed the circulation of another report regarding the withdrawal of edible oil, clarifying that no such withdrawal has taken place.