NEC sets targets for FY 2023-24 federal budget

ISLAMABAD: Finance Minister Ishaq Dar will brief Prime Minister Shehbaz Sharif about targets of the next fiscal year’s budget, citing sources ARY News reported on Tuesday.

The National Economic Council (NEC) has prepared targets of FY 2023-24 federal budget, sources said.

“The next year’s budget has been prepared with 7.7 percent deficit, which will be over 6,000 billion rupees”, according to sources.

“In the next financial year’s budget, 7,300 bln rupees will be allocated for repayment of loans and interest on borrowing”.

In budget Rs. 430 bln will be allocated for the Benazir Income Support Program, sources said.

A taxation target of 9,200 bln rupees has been fixed for the FBR, sources at the ministry of finance said.

Moreover, Rs. 2,800 billion target has been fixed in budget proposals for non-tax revenue.

“Overall, 7.1 pct fiscal deficit budget, jointly for the centre and provinces, has been hammered out,” sources added.

President Arif Alvi had approved the reconstitution of 13-member National Economic Council (NEC) in March this year. The NEC is a constitutional body responsible for reviewing the country’s overall economic health.