Budget 2023-24: Govt likely to launch $2bn bonds

11:00 AM | 8 Jun, 2023
Budget 2023-24: Govt likely to launch $2bn bonds

ISLAMABAD – The government’s objective for the upcoming 2023-24 budget is to raise $2 billion by issuing Eurobonds. The budget planners are facing difficulties in managing the numbers due to a lack of foreign loans inflow and the absence of an active International Monetary Fund (IMF) programme.

Despite these challenges, the government aims to secure approximately $22 billion in foreign loans for the upcoming budget. The process of crunching the numbers is still ongoing, and it is anticipated that Islamabad will be able to generate $2 billion by launching Eurobonds in the next fiscal year.

In the previous fiscal year, the government had intended to issue international bonds but was unable to do so primarily due to the non-revival of the IMF program, along with poor credit ratings, increased bond rates, and associated risks.

Additionally, the government has proposed implementing an income levy on all types of assets, as well as raising withholding taxes on cash withdrawals and motor vehicle registrations in the 2023-24 budget.

The government plans to increase salaries and pensions for government employees in various grades. Employees from grade 1 to 16 can expect a salary and pension hike of around 30%, while those in grades 17 to 22 can anticipate a raise of approximately 20%. Notably, the pension bill is projected to exceed the salary bill for the federal government.

The total budget outlay for the upcoming budget is estimated at over Rs14.2 trillion. The Federal Board of Revenue (FBR) has set a target of collecting taxes ranging from Rs9.2 to Rs9.5 trillion, while the non-tax revenue target is set at Rs2.5 trillion.

To achieve a primary balance of 0.1% of GDP, the provinces are expected to generate a 1% revenue surplus, allowing the primary balance to become slightly positive in the next budget. Debt servicing will account for a significant portion of the budget, consuming approximately Rs7.5 trillion.

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Today's currency exchange rates in Pakistan - Dollar, Euro, Pound, Riyal rates on Sept 29, 2023

KARACHI - Following are the foreign currency exchange rates for US Dollar, Saudi Riyal, UK Pound Sterling, U.A.E. Dirham, European Euro, and other foreign currencies in Pakistan open market on September 29, 2023 (Friday).

Source: Forex Association of Pakistan. (last update 09:00 AM)

Currency Symbol Buying Selling
US Dollar ‎USD 286.05 289.15
Euro EUR 307 310
UK Pound Sterling GBP 353.3 357
U.A.E Dirham AED 80 80.8
Saudi Riyal SAR 76 76.75
Australian Dollar AUD 189 191
Bahrain Dinar BHD 778.84 786.84
Canadian Dollar CAD 220 222.2
China Yuan CNY 40.24 40.64
Danish Krone DKK 41.83 42.23
Hong Kong Dollar HKD 37.93 38.28
Indian Rupee INR 3.57 3.68
Japanese Yen JPY 1.63 1.71
Kuwaiti Dinar KWD 945.27 954.27
Malaysian Ringgit MYR 62.62 63.22
New Zealand Dollar NZD 174.58 176.58
Norwegians Krone NOK 27.87 28.17
Omani Riyal OMR 762.31 770.31
Qatari Riyal ‎QAR 80.69 81.39
Singapore Dollar SGD 208 210
Swedish Korona SEK 26.62 26.92
Swiss Franc CHF 323.01 325.51
Thai Bhat THB 8.12 8.27

Gold Rate in Pakistan Today – September 29, 2023

Today Gold Rate in Pakistan

KARACHI - The price of a single tola of 24-karat gold in Pakistan is Rs 205,600 on Friday.

The price of 10 grams of 24k gold was recorded at Rs 176,270. Likewise, 10 grams of 22k gold were being traded for Rs168,730 while a single tola of 22-karat gold was being sold at Rs196,807.

Note: The gold rate in Pakistan is fluctuating according to the international market so the price is never been fixed. The below rates are provided by local gold markets and Sarafa Markets of different cities.

Today Gold Price in Pakistan - 29 September 2023

City Gold Silver
Lahore PKR 205,600 PKR 2,465
Karachi PKR 205,600 PKR 2,465
Islamabad PKR 205,600 PKR 2,465
Peshawar PKR 205,600 PKR 2,465
Quetta PKR 205,600 PKR 2,465
Sialkot PKR 205,600 PKR 2,465
Attock PKR 205,600 PKR 2,465
Gujranwala PKR 205,600 PKR 2,465
Jehlum PKR 205,600 PKR 2,465
Multan PKR 205,600 PKR 2,465
Bahawalpur PKR 205,600 PKR 2,465
Gujrat PKR 205,600 PKR 2,465
Nawabshah PKR 205,600 PKR 2,465
Chakwal PKR 205,600 PKR 2,465
Hyderabad PKR 205,600 PKR 2,465
Nowshehra PKR 205,600 PKR 2,465
Sargodha PKR 205,600 PKR 2,465
Faisalabad PKR 205,600 PKR 2,465
Mirpur PKR 205,600 PKR 2,465


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