ISLAMABAD:- The Prime Minister Shehbaz Sharif-led coalition government on Friday presented the federal budget for the next fiscal year 2022-23 in the National Assembly with an outlay of Rs9.5 trillion.

Federal Minister for Finance and Revenue Miftah Ismail has presented the budget proposals in the National Assembly.

Miftah said that the government has proposed to set target of Rs7004 billion for the Federal Board of Revenue’s (FBR) for the next fiscal year, Rs2000 billion will be collected through non Tax revenue, Rs4100 billion will be given to provinces under the NFC award, Rs1996 billion will be borrowed from non banking, Rs533 billion will be received from net external reciepts, Rs800 will be obtained from estimated provincial surplus, Rs1172 billion will be borrowed from banking sector through T-bills, PIBs and Sukuks and Rs96 billion through privatization proceeds.

The Finance Minister mentioned about the proposed expenditures for the next fiscal year. He said that Rs 8694 billion will be spent for current expenditures and Rs.808 billion will be earmarked for development funds for next fiscal year.

Out of proposed total current expenditures, the government will spend Rs3950 billion for interest payments on total government debt obligation, Rs530 billion has been earmarked for payment of pension to retired government servant, Rs.1523 billion for defense budget, Rs1242 billion for grants and transfers to provinces and other subsidies, Rs550 billion for running of civil government, Rs100 billion for provisional for disaster/emergency/covid for next fiscal year.

The finance minister said that due to the “incompetency” of the PTI-led government, Pakistan has been facing the issue of skyrocketing inflation.

The minister said the government had to move towards “sustainable growth”, adding that the growth target for next year was set at 5 percent.

Miftah assured that the new coalition government will pull Pakistan out of the economic crisis: “We have done it before, we can do it, we will do it.”

Miftah further added that in the next fiscal year, the country has to improve the economic conditions of the poor by providing them with facilities. 

“When the income of the poor people increases, they purchase consumer goods which are produced locally. And this, in turn, reduces the exports and initiates the development process. We can achieve inclusive growth by taking the above-mentioned steps,” he said.

The finance minister further highlighted that Pakistan has become the third-most-expensive country due to the incompetency of the PTI-led government.

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