Economic Survey: Provincial Development Freeze to Extend Beyond Next Fiscal Year
• Economic Survey shows major targets missed as Aurangzeb claims resilience amid three major shocks • Says budget to offer incentives for agriculture, housing • Over Rs900bn to be diverted for Centre’s strategic needs • Centralised tax system, retailer model to be announced • Oil price impact to continue next year • Current account deficit falls to $252m; remittances may reach $41-42bn by year-end • Fiscal deficit falls to 0.7pc of GDP; debt-to-GDP ratio drops to 68.5pc • FBR
Pakistan's Economic Survey for 2025-26 reveals that a freeze on provincial development programs will continue for an unspecified period beyond the upcoming fiscal year. This measure is expected to generate over Rs900 billion for the central government's strategic initiatives. Finance Minister Muhammad Aurangzeb highlighted the economy's resilience, achieving 3.7% growth despite significant global and regional challenges, including trade disruptions, floods, and war-related pressures. The budget is set to introduce incentives for agriculture and housing, aiming for single-digit interest rates for a decade. Additionally, a centralized tax system and a new retailer model are anticipated, alongside continued impact from oil price fluctuations into the next year. The survey also noted a reduced current account deficit and a decrease in the debt-to-GDP ratio.
The extension of the provincial development freeze signifies a significant shift in fiscal resource allocation, potentially impacting regional development and requiring careful monitoring of central government spending priorities.
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