Preparations for Federal Budget in final phase
- By Web Desk -
- May 30, 2022
ISLAMABAD: Federal budget for fiscal year 2022-23 has been in final phase of its preparation, citing sources ARY News reported on Monday.
The budget for financial year 2022-23 is expected to be produced in the National Assembly on June 10.
According to sources a session of the Annual Plan Coordination Committee has been summoned on June 04. A meeting of the National Economic Council (NEC) will be held after the committee’s session.
The NEC session will approve the annual development plan. The government likely to allocate 700 billion rupees for the federal development budget, sources said.
The meeting will fix targets about imports, exports, remittances and expected inflation, sources said.
There is a proposal for imposing 1155 billion rupees additional taxes in the next financial year’s federal budget, according to sources.
The tax receipts targe will likely to be fixed in the budget at 7255 billion rupees, sources said. The target of custom duties to be received in the next year will be fixed at 843 billion rupees.
The budget allocation for defence will likely to be fixed at 1586 billion rupees, sources said.
Moreover, the repayment of loans and debt financing has been estimated at 3523 billion rupees, the sources added.
It is to be mentioned here that the Prime Minister’s office had earlier issued a notification announcing that the federal budget for the fiscal year 2022-23 will be presented in the NA on June 10, 2022.
The budget, after passing from the lower house, will be forwarded to the senate. The cabinet session to approve budget suggestions will also be held on June 10, 2022.
Earlier, there were speculations that the federal government planning to delay the National Assembly budget session as talks with International Monetary Fund (IMF) for the 7th Extended Fund Facility (EFF) program were underway.
It is worth mentioning here that the coalition government, led by PM Shehbaz Sharif, is facing several economic challenges since coming into power back in April 2022.