By Eman Alam
ISLAMABAD: Prime Minister Shehbaz Sharif expressed satisfaction over the stock market reaching a historic high of 124,000 points.
In a statement, he said the bullish trend in the stock market reflects the confidence of investors and the business community in the people-friendly budget.
He mentioned that no additional tax burden has been imposed on the common man in the budget, and an increase in salaries and reduction in taxes will provide relief to the salaried class.
The prime minister said the journey of economic development has begun. He said that we all must work together to improve the lives of ordinary people.
He said the reduction in inflation, and increase in foreign exchange reserves, remittances and exports have been made possible due to the tireless efforts of the economic team. The Prime Minister said Pakistan’s return from the brink of default and the beginning of economic stability and growth is nothing short of a miracle. He said this exemplary economic turnaround, achieved through the hard work of the economic team and by prioritizing Pakistan’s national interests, will be remembered in history in golden words.
Earlier, Federal Finance Minister Muhammad Aurangzeb on Tuesday presented the Rs17,573 billion budget for the fiscal year 2025-26.
Starting his speech, the finance minister said he was honoured to present second budget for the incumbent government. He thanked Prime Minister Shehbaz Sharif, Bilawal Bhutto Zardari, Khalid Maqbool Siddiqui and others for their support in the budget.
He said the timing of the budget was historic as the whole nation was united against India during the recent tensions. “This budget comes at a pivotal time for our nation’s future,” he mentioned, praising the nation’s military and political leaders for their “successful handling of war-like situation” with India.
Scenes of pandemonium were observed as soon as the budget session commenced as the opposition members started disrupting the speech of the finance minister.
He said the IMF has shown trust in the reforms undertaken by the incumbent government and those claiming about the minibudget have turned silent now.
A total of Rs2,550 billion have been allocated for the defence sector. Last year Rs2,122 billion were reserved for defence.
The federal government had allocated Rs920 billion in the federal budget for 2017-18, Rs1,100 billion in 2018-19, Rs1,153 billion in 2019-20, Rs1,289 billion in 2020-21, Rs1,370 in 2021-22 and Rs1,563 billion in the budget for 2022-23.
