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Print Print 2024-05-21

IMF projects FY25 defence budget at Rs2.152trn

  • IMF estimates allocation as 1.72 percent of Gross Domestic Product
Published May 21, 2024

ISLAMABAD: Pakistan’s defence budget for next fiscal year has been projected by the International Monetary Fund (IMF) in second and final review documents of the Stand-By Arrangement at Rs 2,152 billion – a 19.29 percent increase over Rs 1,804 billion budgeted for the current fiscal year.

Business Recorder requested the military media wing through WhatsApp whether the IMF’s projections matched its total budget requirements for next year. No response was received till the filing of this report.

The IMF estimates the defence allocation as 1.72 percent of Gross Domestic Product (GDP) and with nominal GDP (market prices) estimated at Rs 124,813 billion for next fiscal year (against Rs 106,577 billion for the ongoing fiscal year).

Talks with IMF on next phase of engagement this week

Current expenditure (federal plus provincial) as per IMF documents has been projected at Rs 22,037 billion for next fiscal year, which is 15.09 percent higher than Rs 19,146 billion budgeted in the current fiscal year.

Federal current expenditure has been projected at Rs 16,712 billion for next year, 14.8 percent higher as opposed to Rs 14,555 billion for the outgoing fiscal year - 13.3 percent of the GDP.

Interest payments as a component of current expenditure have been projected at Rs 9,787 billion for next fiscal year as compared to Rs 8,602 billion for the ongoing fiscal year - an increase of 13.7 percent.

Development expenditure and net lending has been projected at Rs 2,673 billion for next fiscal year against Rs 2,179 billion for the current fiscal year – a rise of 22.67 percent.

Public Sector Development Program (PSDP) has been projected at Rs 2,590 billion for next fiscal year (federal Rs 890 billion and provincial Rs 1,700 billion), 22.86 percent higher than Rs 2,108 billion for the current fiscal year (federal Rs 782 billion and 1,282 billion).

Copyright Business Recorder, 2024

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Aamir May 21, 2024 08:29am
Is this really true? That is 7 Billion dollars! And we are begging IMF for loans and imposing sky high taxes on our population.
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خالد عثمان May 21, 2024 11:15am
The defaulters bureaucrats paving the way for imposing environmental tax on solar consumers... Simply, how dare the solar people decided to invest and take advantage from the natural sunlight, giving lesson to investors that no need to invest in Pakistan, else government is here to default and cheat everybody
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Mumtaz May 21, 2024 12:47pm
Out of 22k billion, 9k billion on interest payment and 2.5k billion on defense....how these two heads would serve the well being of common people ,I mean ,224 million sheep
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KU May 21, 2024 02:55pm
Amazing group of faithful but corrupt, people suffer untold miseries but they plunder on, wait till we are exposed to the budget of Raj. Public health, education, agriculture etc., are in shambles.
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Maqbool May 21, 2024 04:30pm
IMF re Solar: Allow Net Metering ONLY for tax payers but not tax filers nor non filers. Or stop foreigners setting up Solar as well in Pakistan . If our people mean nothing why should foreigners benefit? Commissions .?
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