PES 2023-24: Agriculture Sector Emerges as Sole Bright Spot in Challenging Year 2023-2024


Hyderabad: 11 June 2024: PES 2023-24: Agriculture Sector Emerges as Sole Bright Spot in Challenging Year Despite Pakistan falling short of most economic targets outlined in the previous budget due to difficult circumstances, Finance Minister Muhammad Aurangzeb unveiled a silver lining: the remarkable growth of the agriculture sector.

In his presentation of the Pakistan Economic Survey 2023-24, Aurangzeb highlighted the unprecedented growth experienced by agriculture, amidst a backdrop of otherwise gloomy economic performance. The Pakistan Economic Survey serves as an annual report, offering insights into the nation's economic trajectory for the fiscal year, spanning from July 1, 2023, to June 30, 2024.

It is a crucial component of the federal budget process, providing transparency and accountability to the public. This pre-budget report assesses Pakistan's economic landscape, analyzing key metrics such as GDP growth, inflation, trade, and investment, while also spotlighting sector-specific achievements and challenges in areas like agriculture, industry, and services. Addressing the issue of inflation, Aurangzeb emphasized the impact felt during the preceding fiscal year.

"The year 2022-23 witnessed a significant depreciation of the Pakistani rupee, with foreign reserves dwindling to a mere two weeks of import cover," he stated. Aurangzeb acknowledged the transition in leadership, noting the fiscal year's commencement under Prime Minister Shehbaz Sharif, followed by an interim caretaker administration, and now back under the elected government of PM Shehbaz for the subsequent five years.

Expressing his longstanding belief in Pakistan's reliance on IMF programs, Aurangzeb underscored the absence of an alternative plan.

"There is no Plan B, and if there were, the IMF wouldn't hold the moniker of 'lender of last resort'," he asserted.

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