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Budget 2024-25: Govt to allocate Rs4 bln for E-Bikes

By DTD-

National digital climate finance monitoring dashboard would be established to maintain data related to climate finance: Minister

ISLAMABAD: Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb said the federal government was allocating Rs 4 billion to promote E-bikes and Rs 2 billion for roll-out of energy-efficient fans in the country to cut carbon emissions from transport sector and increase the energy consumption.

The finance minister in his speech unveiling the Budget 2024-25 said Pakistan was facing adverse impacts of climate change and the government was working on initiatives to promote climate mitigation efforts.

Senator Aurangzeb said the leading efforts of the government to address the climate crisis included the establishment of the Pakistan Climate Change Authority intended to implement climate mitigation and adaptation efforts.

Moreover, a National Climate Finance Strategy was being prepared that would be finalized by October 2024 that would help devise strategies to bring global climate finance to Pakistan which would help undertake initiatives to reduce carbon emissions, he added.

The Minister further announced that a national digital climate finance monitoring dashboard would be established to maintain data related to climate finance received from global financing facilities.

Read more: Budget 2024;Mobile phones, hybrid cars, cement, property, become expensive

“Gender and climate budget tagging has been done in government’s budgeting and accounting system that would help in policy making and implementation in these sectors,” the Finance Minister said.

What will be new Petrol Price in Pakistan after govt’s proposal to increase petroleum levy?

Price of petrol and other fuel products will rise as expected as the PML-N government has decided to jack up maximum petroleum levy on petroleum products by Rs 20.

Finance Minister proposed significant rise of Rs20 in the levy imposed on petrol and diesel, raising it from the previous Rs60 to the new record high to Rs80.

This move was made to meet IMF-recommended reforms to secure an upcoming loan program with the International Monetary Fund (IMF), burdening the salaried and middle class of the country.

Petrol levy in Budget 2024-25

Rs60 per liter levy was also imposed to satisfy IMF requirements. There were earlier reports that government might impose an 18pc GST on petroleum goods, which currently stands at 0. In either case, the petrol price is expected to reach a new high, creating a challenging situation for inflation hit masses.

People are likely to experience reverse effect of consecutive declines in petrol prices in the last few fortnights of price revisions. This situation is particularly significant for Pakistan, a nation heavily reliant on oil imports around 85%.

With economy struggling and inflation exceeding 28.3pc in January, even minor price changes have a significant impact on the population.

While the IMF deal aims to stabilise the economy, it comes at a cost, including higher taxes and energy costs, which pose a significant challenge for Pakistanis.

With the increase in levy, transportation costs will increase and will impact employment and overall economic activity.

In last fortnight’s review, the incumbent government slashed the petrol price by Rs. 4.74 per liter, resulting in a drop in prices to Rs. 268 per liter and 270.22 per liter.

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