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Monday, November 4, 2024
HomePakistanBudget 2023-24: A Recipe for Disaster

Budget 2023-24: A Recipe for Disaster

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The government of Pakistan has unveiled its budget for the upcoming fiscal year, and it is a disaster. The budget is heavily reliant on debt, which will only serve to increase inflation and make it more difficult for businesses to operate. The government has also failed to address the issue of unemployment, which is already at a record high.

The budget outlay for the upcoming fiscal year is Rs14.46 trillion, of which almost 50% will be used to service debt. This means that the government will be spending more money on debt than on anything else, including education, healthcare, and infrastructure.

The budget also includes a number of new taxes, which will further burden businesses and consumers. The government has imposed a 0.6% withholding fee on cash withdrawals, which is likely to lead to an increase in the use of cash, which will make it more difficult to track tax evasion.

The government has also failed to address the issue of unemployment, which is already at a record high. The budget does not include any measures to create jobs or to help those who are already unemployed.

The government’s budget is a recipe for disaster. It is likely to lead to increased inflation, higher unemployment, and a decline in economic growth. The government needs to take a step back and rethink its priorities. It needs to focus on creating jobs, reducing debt, and stimulating economic growth.

In the absence of a bold and comprehensive plan, the country is likely to face a number of serious challenges in the years to come.

Here are some of the specific criticisms of the budget:

  • The budget is too reliant on debt. The government is planning to borrow Rs7.5 trillion in the next fiscal year, which is more than the country’s GDP. This will only serve to increase the country’s debt burden and make it more difficult to repay the debt in the future.
  • The budget does not do enough to address the issue of unemployment. The unemployment rate in Pakistan is already at a record high of 6.3%. The budget does not include any measures to create jobs or to help those who are already unemployed.
  • The budget is too regressive. The new taxes that have been imposed will disproportionately burden the poor and middle class. The government needs to focus on taxing the rich more in order to raise revenue.

The government needs to take a step back and rethink its priorities.

The government needs to focus on creating jobs, reducing debt, and stimulating economic growth. In the absence of a bold and comprehensive plan, the country is likely to face a number of serious challenges in the years to come.


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