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Finance Minister Ishaq Dar will present the federal budget 2023-24 in parliament today at 4 PM. The Rs. 14.5-14.7 trillion budget comprises 1,210

Pakistan's GDP saw only 0.3% growth in the 2022-23 fiscal year, compared to the projected 5%, according to the Pakistan Economic Survey. The agriculture sector grew by 1.55%, while industries declined by 2.94% and the services sector grew by only 0.86%, contributing nearly 60% to the country's GDP.

Finance Minister Ishaq Dar, who presented the budget in the National Assembly, the lower house of parliament, said the government will target a growth rate of 3.5 per cent in the coming fiscal year.

He 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.

Cash-strapped Pakistan on Friday hiked defence spending by 15.5 per cent and allocated over Rs 1.8 trillion, as the government unveiled a Rs 14.4 trillion budget for 2023-24 as it battled to fend off a looming default due to shrinking foreign reserve