Sindh budget for FY2022-23 to be presented on June 14

KARACHI: The Sindh government has decided to present the provincial budget for FY2022-23 on June 14 with a proposed increase in the development budget by Rs30 billion, ARY NEWS reported.

According to the budgetary proposals, the provincial government also plans to include Rs32 billion under the district development budget. It has also been mulled over against including new schemes in 18 departments in order to minimize the budget by Rs18 billion.

The Sindh government has estimated spending of Rs100 billion for projects funded by foreign donors.

The Sindh government has also proposed an allocation of Rs18.509 billion for the health sector and Rs27.449 billion in education, increasing the former’s budget by Rs9 million. The government has proposed no increase in the allocations for IT, transport, and agriculture sectors.

The provincial budget will be finalized by June 10, after the presentation of the federal budget in National Assembly.

It is pertinent to mention here that the federal budget for fiscal year 2022-23 has been in final phase of its preparation and will be tabled 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.