On June 10 (Friday), the incumbent coalition government will present the federal budget for fiscal year 2022-23, which is expected to cost over Rs. 9 trillion.
Finance Minister Miftah Ismail will deliver the budget for fiscal year 2022-23 to the National Assembly, which is already in session.
The NA is scheduled to convene today at 4 p.m.
The budget was created with the economy’s current domestic and international issues in mind.
According to the state news agency, the document’s main focus will be on alleviating people’s suffering, reforming the farm sector, advancing Information Technology (IT), strengthening the industrial sector, and supporting companies.
Despite constraints and stringent IMF requirements, the administration intends to submit a pro-people, pro-business, and pro-progressive Federal Budget for 2022-23. It will implement fiscal consolidation initiatives in order to reduce the budget deficit.
The budget would include fiscal management, revenue mobilization, economic stabilization and growth measures, and reductions in non-development spending, increased exports, job creation, and people-friendly policies for the country’s socio-economic prosperity.
It would also prioritize social sector growth in addition to implementing reforms to improve governance and encourage private sector investment.
On the revenue side, the government would implement initiatives to strengthen the tax collecting system, increase the tax base, and make it easier for taxpayers.
Given the strong income growth in the current fiscal year (2021-22), the government is likely to set the revenue generation target for fiscal year 20222-23 at over Rs. 7 trillion.
Meanwhile, according to sources, the International Monetary Fund (IMF) has promised to raise government employee pay and pensions in the forthcoming budget.
During budget talks, the Washington-based lender allowed the Pakistani side to provide relief.
Government employees’ pay and pensions are projected to rise by 10 to 15%, according to sources.
According to them, the federal cabinet will vote today on whether or not to approve the plan to raise salaries and pensions.
To read our blog on “In the upcoming budget, the government intends to raise the FED on all imported vehicles,” click here.
