ISLAMABAD: Pakistan has submitted its fiscal budget for the coming fiscal year, with plans to focus on sustainable and inclusive economic growth. Officials have described the budget as "pro-people" and balanced, despite the country's financial challenges.
According to sources, Federal Minister for Finance and Revenue Miftah Ismail presented the 9.5 trillion PKR (USD 121 billion) budget for the next fiscal year, which runs from July 2022 to June 2023, to the Lower House of Pakistan's Parliament on Friday.
In his address to the House, the Minister stated that the government must strive for long-term growth, with a 5% growth objective established for the coming year. 3.95 trillion PKR of the entire 9.5 trillion PKR budget has been set aside for debt servicing, while 800 billion PKR has been set aside for the next year's public sector development programme, he said. For the 2019 fiscal year, a total of 1.523 trillion PKR has been set aside for defence spending, he added.
The Finance Minister said, 699 billion PKR has been set aside for targeted subsidies for the poor, while 1.242 trillion PKR has been suggested for grants for various programmes aimed at the most vulnerable members of society. The country's Federal Board of Revenue for the upcoming fiscal year is expected to be 7 trillion PKR, with non-tax revenue expected to be 2 trillion PKR.
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