A special meeting of the Federal Cabinet chaired by the Prime Minister of Pakistan Imran Khan discussed the annual budget for the financial year 2012-13.
This is the third budget of the Pakistan Tehreek-e-Insaf (PTI) government which is being presented to the National Assembly for approval on Friday. Finance Minister Shaukat Tareen will present the budget in the National Assembly first after approval from the cabinet, after which it will go to the Senate.
According to sources in the Ministry of Finance, the budget for the financial year 2021 is about Rs 8,000 billion, which may be increased in case of revision by the Cabinet.
In the next budget, tax revenue is estimated at Rs 5820 billion and non-tax revenue at Rs 1420 billion.
The budget deficit in the new fiscal year is expected to be estimated at 3,500 billion.
Earlier, the National Economic Council had approved a development budget of Rs 2135 billion for next year while the economic growth target was set at 4.8 percent.
In the development budget of about Rs. 2135 billion, the volume of federal development program will be Rs. 900 billion and development funds of Rs. 1235 billion will be given to the provinces.
It is proposed to allocate Rs. 3,105 billion for debt and interest payments. It may be recalled that Rs 2,920 billion was set aside in this regard this year.
It is proposed to allocate Rs 1,330 billion for defense with an increase of Rs 35 billion. The volume of defense budget this year was Rs 1,295 billion.
With an increase of Rs 10 billion in pensions for retired government employees, Rs 480 billion and Rs 501 billion in subsidies for various sectors are likely to be set aside as against Rs 400 billion this year.
According to sources, the federal budget proposes to release grants of Rs 994 billion for the four provinces, Gilgit-Baltistan and various federal agencies.
The export target will be 26 26.8 billion and the import target will be 55 55.3 billion.
The budget is likely to provide a package worth Rs 160 billion in salaries and benefits to government employees.
Separate summaries of the recommendations sent by the Pay and Pension Commission to the federal cabinet for a 10 or 15 per cent increase in the salaries of government employees have been sent, while a 15 per cent increase in the pensions of retired government employees has also been proposed.
According to the Economic Survey Report released by the government yesterday, this year's gross domestic product (GDP) was projected at 2.1 per cent, which will be 3.9 per cent as a result of a better economic strategy.
Presenting the Economic Review Report, Finance Minister Shaukat Tareen had said that the government's economic stabilization program had been successful and would now have a positive impact on the economy as well as the poor.
Expressing the government's economic priorities for next year, Finance Minister Shaukat Tareen said that the country's exports, production and remittances have to be increased and for this purpose special attention will be given to agriculture and information technology.
He said that agricultural exports would be increased for food surplus in agriculture.
. (tagsToTranslate) خبریں (t) پاکستان (t) budget2021 (t) pakistan goverment