Govt all set to present progressive budget on Friday

Author: APP

The incumbent coalition government is all set to present its first pro-people, business-friendly and progressive budget for the fiscal year 2022-23 in the Parliament on June 10 (Friday), with special focus on fiscal consolidation to contain budget deficit.

The budget would be presented by Federal Minister for Finance and Revenue, Miftah Ismail.

The budget had been formulated while considering the existing challenges being faced by economy at domestic and international fronts. Hence, mitigating people’s sufferings, transforming agriculture sector, promoting Information Technology (IT), boosting industrial and bolstering businesses would be the main focus of the document, sources said. In addition to fiscal management, revenue mobilization, measures for economic stabilization and growth, reduction in non-development expenditures; boosting exports besides job creation and people friendly policies for the socioeconomic prosperity of the country would feature in the budget.

It would also focus on social sector development besides introducing reforms for improving governance and boosting private sector investment.

On the revenue side, the government would introduce measures for bringing improvements in the system of tax collection, broadening the tax base, and facilitation to tax payers. Keeping in view the robust growth of revenues during the current fiscal year (2021-22), the government is likely to set the revenue collection target at over Rs7 trillion for the fiscal year 20222-23.

Sources said the preparations for the announcement of the federal budget for fiscal year 2022-23 continued in full swing in accordance with the prescribed timelines.

The budget was being prepared in close coordination between all departments and ministries involved in budget related events including the presentation of the budget in the Parliament and launching of the Economic Survey, they added. Meanwhile, the pre-budget document presenting state of country’s economy, ‘the Economic Survey of Pakistan’ is likely to be launched here on June 09 (Thursday).

The survey would highlight the overall performance of economy during the outgoing fiscal year, providing a realistic feedback and basis for future planning.