Budget 2021-22: PM Imran summons special cabinet meeting tomorrow

ISLAMABAD: As the Pakistan Tahreek-e-Insaf (PTI) led government is all set to present the federal budget on June 11, Prime Minister Imran Khan has summoned a special session of the federal cabinet tomorrow (Friday), ARY News reported.

Finance Minister Shaukat Tarin will brief the cabinet on budget expenditure, revenue target, budget deficit and other important matters related to FY budget 2021-22.

He will present budget papers and finance bill 2021 in the cabinet meeting. The special cabinet meeting will give approval for the federal budget and finance bill 2021.

According to sources, the federal cabinet will make a final decision regarding the increase in salaries of government employees. The special cabinet session will also give approval for subsidy on utility stores and electricity for the net year.

The Pakistan Tehreek-e-Insaf (PTI) government will unveil the federal budget 2021-22 with a total outlay of Rs8 trillion tomorrow (Friday).

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Sources relayed that the government has proposed Rs1,330 bn defence allocation with Rs3,105 bn to be earmarked for interest payments. Gross domestic product (GDP) growth target has been set at 4.8 per cent in the budget 2021-22.

The Federal Board of Revenue’s (FBR) tax collection target for the forthcoming fiscal year will be set at Rs5,829 bn, they said, adding the government has projected export target at $26.80 bn while import at $55.30 bn.

The government will pitch the current account deficit target at $2.30 bn in the budget 2021-22 while foreign remittances at $31.30 bn. It plans to earmark Rs994 bn for various grants while Rs501 bn for subsidies.