Federal Development Program cut by Rs250b, confirms Ahsan Iqbal

Federal Minister for Planning and Development Ahsan Iqbal Tuesday confirmed a significant reduction in the federal development program while speaking to journalists, reported 24NewsHD TV channel.

The development budget, initially set at 1400 billion rupees, has been cut by 250 billion rupees, bringing it down to 1150 billion rupees.

Ahsan Iqbal explained that the decision was driven by the need to address the budget deficit, stating, "To meet the deficit, the ax had to fall somewhere, and it fell on the development budget."

He emphasized that the current economic situation left the government with little choice, regardless of which party was in power.

Resource mobilization is essential to tackling the nation's economic challenges, Iqbal noted. He argued that by reducing the development budget, the government aims to prevent additional tax burdens on the public and the agriculture sector.

"By sacrificing the development budget, the people and the agriculture sector should be saved from further burden of taxes," he said.

However, Iqbal also mentioned that there is potential for the development budget to be increased in the next financial year after a thorough review. "The development budget can be increased by reviewing the next financial year," he assured.

The decision highlights the government's efforts to balance economic constraints with the need to support critical sectors and maintain public welfare amidst challenging financial conditions.