In difficult circumstances, the Cabinet permits salary increases of up to 35 percent and pension increases of 17.5 percent.

ISLAMABAD : The federal cabinet approved the year’s budget during a meeting held on Friday at the Prime Minister House, which was followed by the introduction of the fiscal year 2023–24 budget to the National Assembly (NA).

The conference that decided the minimum salary will be Rs32,000 was presided over by Prime Minister Shehbaz Sharif. In addition, pay for personnel in Grades 1 through 16 have grown by 35%, while those in Grades 17 through 22 have climbed by up to 30%. The cabinet announced a 17.5 percent rise in pensions as a means of providing assistance to retired government employees.

In addition, Rs. 1,150 billion for development, Rs. 491.3 billion for infrastructure, Rs. 86.4 billion for energy, Rs. 263.6 billion for transport and communication, and Rs. 41.5 billion for physical planning and construction were all authorised during the meeting.

The cabinet also authorised the following expenditures: Rs99.8 billion for the irrigation department, Rs241.2 billion for societal development, Rs22.8 billion for health, Rs90 billion for sustainable development, Rs60.9 billion for AJK and GB, Rs57 billion for the tribal areas combined into KP, and Rs33.7 billion for science and technology.

In his remarks to a federal cabinet meeting, Prime Minister Shehbaz said that measures to assure political instability in the previous year had resulted in an economic torpedo. “The state of Pakistan and its institutions are eager to play their role in this regard,” he said.

He said that raising monthly pay and pension benefits was the government’s obligation. He said, “The government will think it over.” He said that the administration was likewise keen to lower petrol costs.

He continued by saying that it has long been obvious that the PDM’s first objective would be to reach an agreement with the IMF ever since it had taken its pledge. He said, “The administration made every attempt to persuade the IMF.

He said that the IMF board’s approval will come after saying, “We acted upon all prior actions recommended by the IMF.” I requested a verbal okay from the IMF before we fulfilled all other requirements, he said.

According to the PM, the administration made every effort to assist the flood victims. According to him, flooding caused a $30 billion economic damage for the nation. He said, “Trade loss resulting from the Russia-Ukraine war made it worse.”

He said that friendly nations like China and Saudi Arabia helped us at a time of great need, adding that the nation’s economic position was insufficient to provide assistance for the populace. He said that additional difficulties including worldwide inflation have hindered the nation’s economic growth.

We may anticipate receiving positive news in the agricultural industry, he added. Additionally, we can see that agricultural productivity has increased significantly. Value-added chains will be established by the government in rural regions. He said that it would increase our financial well-being and reduce urban migration.

He also approved Sheikh Rohail Asghar’s employment as an economic affairs advisor.