Finance Minister Muhammad Aurangzeb has unveiled the Economic Survey of Pakistan 2023-24 – an yearly exercise before the presentation of budget – as the government has revealed its intentions for the next fiscal year after the National Economic Council (NEC) approved a massive increase in its Public Sector Development Programme (PSDP) budget for the next fiscal year.
Addressing a press conference in Islamabad, Finance Minister Muhammad Aurangzeb announced that revenue collection for the fiscal year 2023-24 saw a 13 percent rise compared to the previous year.
He highlighted that the GDP growth rate was 2.38%, falling short of the target due to ongoing economic challenges.
The economic survey also indicated that the rupee depreciated by 29% during the fiscal year.
Aurangzeb noted that the coalition government, upon assuming office last year, had to seek an emergency bailout package from the International Monetary Fund (IMF).
“This IMF assistance is the reason why we are now able to discuss our economic targets,” he added.
The finance minister said that the large scale manufacturing sector faced significant setbacks due to inflation, increased energy costs, and other issues.
