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Budget to be announced on 5th June

ISLAMABAD: The budget for 2015-2016 will be announced on Friday 5th June 2015, ARY News reports.

The Economic Survey 2014-2015 will be issued on Thursday 4th June.

Economic Advisory Council will meet on Monday (today) to discuss the salient features of the budget in which the estimated costs of the developmental projects will be calculated.

According to Finance Ministry sources, an increase of 10 to 15 percent in salaries and pensions of government employees is expected in the new budget.

Moreover, the federal government has set target of Rs. 30 trillion for tax collection while the volume of development budget can be upto Rs. 576 billion.

It should be noted that the State Bank of Pakistan, in its quarterly report, had stated that the weaknesses in the national economy still persist.

International Monetary Fund (IMF) had instructed Pakistan’s Finance Minister Ishaq Dar to not only speed up privatization process in the country but also reduce the subsidy in order to end the circular debt on the energy sector.

The federal government may be privatizing the power distribution companies in the country.

Pakistan’s gross domestic product (GDP) is expected to grow by 5.7 per cent in 2015, according to a report in the prestigious magazine The Economist.

The country was placed at fifth position of G20 and BRICS nation with GDP growth rate of 5.7 percent this year.

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