Charter of the Economy • Bringing down the budget deficit from 7.5 percent of the GDP in 2020-21 to 5 percent of the GDP by 2024-25. • Generating a Primary Surplus from 2023-24 onwards. • Reducing the Government Debt from 77.3 percent of the GDP in 2021-22 to 70 per­cent of the GDP in 2024-25 The projections are given in Table 1.7. Table 1.7: Projection of Public Finances of Pakistan, 2020-21 to 2024-25(% of GDP) 2020-21 2021-22 2022-23 2023-24 2024-25 Total Revenue 14.6 15.7 16.4 17.5 18.4 Tax Revenue 11.7 12.4 13.0 14.1 15.0 Non-Tax Revenue 2.9 3.3 3.4 3.4 3.4 Total Expenditure 22.1 22.7 23.0 23.2 23.4 Current Expenditure 19.3 19.4 19.4 19.4 19.4 Debt Servicing 6.4 6.1 5.8 5.7 5.5 Defense 2.7 2.9 3.0 3.0 3.1 Other 10.2 10.4 10.6 10.7 10.8 Development Expenditure 2.8 3.3 3.6 3.8 4.0 Budget Deficit-7.5-7.0-6.6-5.7-5.0 Primary Deficit/Surplus-1.1-1.0-0.2 0.1 0.5 Government Debt 77.3 76.6 75.0 73.0 70.0 Source: Estimated Balance of Payments • Targeting growth annually in exports of 8 percent from 2021-22 to 2024-25. • Limiting the current account deficit to below 3 percent of the GDP annually through­out the period, 2021-22 to 2024-25. • Achieving a financial account surplus of 2 to 3 percent of the GDP annually from 2021-22 to 2024-25 in the balance of payments. • Ensuring that foreign exchange reserves remain high enough to provide import cov­er of at least three months throughout. The resulting projections from 2020-21 to 2024-25 are presented in Table 1.8. 12