Finance Minister Muhammad Aurangzeb on Wednesday announced he will present the Economic Survey for the past fiscal year today (Thursday), an annual exercise ahead of presenting the proposed federal budget FY27 and outlining key fiscal indicators and performance over the past year.
The Economic Survey, a pre-budget document, aims to provide a comprehensive overview of the country’s economic performance over the outgoing fiscal year, including GDP growth, tax revenues, sectoral trends across key industries, and other major fiscal and macroeconomic indicators.
Addressing a Senate session on Wednesday, Aurangzeb informed parliamentarians of the schedule while also stressing on the economic impact of developments linked to the Iran war.
In a post on X, Adviser to Finance Minister Khurram Schehzad confirmed the Economic Survey would be launched at 2:20 p.m., while the budget would follow a day later.
During his briefing to the Senate, Aurangzeb addressed criticisms regarding petrol prices, particularly the hefty amounts imposed under the petroleum development levy. He maintained that the government was unclear on how long the Iran war would last, noting it had been ongoing for three-and-a-half months and continued to impact the economy.
According to the finance minister, the government had initially decided to pass on the full price burden of global fuel prices but had later provided Rs. 129 billion in subsidies over three weeks. He claimed the subsidies were financed through cuts in the Public Sector Development Program (PSDP), adding Rs. 5.4 billion had already been disbursed, including support for 800,000 motorcycle users and over Rs. 4 billion for farmers under targeted relief measures.
He warned that even if the conflict were resolved immediately, its economic impact could persist into the next year. He said Pakistan is targeting Rs. 13 trillion in revenue for the current fiscal year, adding that, unlike 2022, the country did not make international appeals following last year’s floods and had managed losses through domestic resources.
He also defended the petroleum levy, claiming it “always” existed, emphasizing levy-related commitments remained part of the government’s broader fiscal framework.