ISLAMABAD: Pakistan will detail major socio-economic achievements of the outgoing fiscal year in the Economic Survey 2023-24 document released today, Tuesday, a day before the South Asian nation announces the budget for the next fiscal year.
Pakistan’s coalition government is expected to lay out ambitious fiscal targets in the 2024-25 budget on Wednesday that will help strengthen its case for a new bailout deal with the International Monetary Fund. Pakistan is in talks with the lender for a loan estimated to be anything between $6 billion to $8 billion to avert a default for an economy that is growing at the slowest pace in the region.
“Finance Minister Senator Muhammad Aurangzeb will launch Economic Survey 2023-24 in a ceremony [in Islamabad],” the finance ministry said in a statement on Monday.
The survey will include details about performance and economic trends of various sectors, including agriculture, industry, services, energy, information technology and telecom, capital markets, health, education, transport and communications.
Annual trends of major economic indicators regarding inflation, trade and payments, public debt, population, employment, climate change, and social protections are also part of the economic survey document released each year a day before the budget.
On Monday, Pakistan’s top economic body approved various proposals for the upcoming budget, particularly with regards to the inclusion of China-Pakistan Economic Corridor (CPEC) and foreign investment projects in the development plan.
“The federation will ensure consultation with provinces and stakeholders so that decisions are made through collective wisdom and consensus for economic revival of the country,” Prime Minister Shehbaz Sharif said at a meeting of the country’s National Economic Council (NEC) in Islamabad.
Pakistan narrowly averted default last summer thanks to a short-term IMF bailout of $3 billion over nine months.
While its fiscal and external deficits have been brought under control, it came at the expense of a sharp drop in growth and industrial activity as well as high inflation, which averaged close to 30 percent in the last financial year and 24.52 percent over the last 11 months.
The growth target for the upcoming year is expected to be higher at 3.6 percent compared to 2 percent this year and economic contraction last year.
Pakistan unveils Economic Survey 2023-24 ahead of annual budget
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Pakistan unveils Economic Survey 2023-24 ahead of annual budget
- The survey will include details about performance and trends of various sectors in outgoing fiscal year
- Pakistan’s coalition government expected to lay out ambitious fiscal targets in the budget on Wednesday
Babar Azam dropped for scoring too slowly, says Pakistan coach Hesson
- Shaheen Shah Afridi was left out after conceding 101 runs in three matches
- Pakistan will now face New Zealand in the opening match of the second phase
COLOMBO: Batting great Babar Azam was dropped for Pakistan’s final T20 World Cup group game against Namibia for scoring too slowly, said head coach Mike Hesson on Friday.
Azam, who is the highest run-scorer in T20 international history with 4,571 runs, was left out for the must-win game against Namibia as Pakistan racked up 199-3 and secured a place in the Super Eights by 102 runs.
The 2009 champions face New Zealand in Colombo on Saturday in the opening match of the second phase.
“I think Babar is well aware that his strike rate in the power play in the World Cup is less than 100 and that’s clearly not the role we think we need,” Hesson told reporters after Pakistan’s final practice session on Friday was washed out by rain.
Pakistan left out Azam for the same reason at last year’s Asia Cup and even after dismal showing in the Big Bash League, he was still selected for the T20 World Cup.
“We brought Babar back in for a specific role post the Asia Cup,” said Hesson.
“We’ve got plenty of other options who can come in and perform that role toward the end.
“Babar is actually the first to acknowledge that.
“He knows that he’s got a certain set of skills that the team requires and there are certain times where other players can perform that role more efficiently.”
Hesson also defended dropping pace spearhead Shaheen Shah Afridi after he conceded 101 runs in three matches, including 31 in two overs against India.
“We made a call that Salman Mirza was coming in for Shaheen, and he bowled incredibly well,” said Hesson.
“To be fair, he was probably really unlucky to not be playing the second and third games.”
Hesson was wary of Pakistan’s opponents on Saturday.
“New Zealand have played a huge amount in the subcontinent in recent times so we have to play at our best.”
