ANI | Update: Jun 12, 2021 3:29 am IST
Islamabad [Pakistan], June 12 (ANI): The Pakistani government on Friday proposed a budget of 8,487 billion Pakistani rupees for the next fiscal year with a budget deficit target of 6.3% of gross domestic product (GDP). Pakistani rupees 1.37 trillion has been allocated to defense services, up 6.2% from last year. Spending on defense services represents about 16% of total budgeted spending for FY22, down from 18% last year, Dawn reported. The budget was presented by Pakistan’s Finance Minister Shaukat Tarin, both Pakistan’s debt-ridden economy is facing an economic crisis made worse by the coronavirus pandemic. Tarin began his speech by saying that there were a lot of difficulties but this government had laid the foundations for the economy to pick up and now “it is heading towards development and prosperity”. National Assembly Shehbaz Sharif and PPP leader Bilawal Bhutto Zardari were in the house as lawmakers from their parties chanted slogans harshly protesting the minister’s speech. Earlier, Bilawal met Sharif in his house of assembly and they decided that the two sides would jointly oppose the PTI budget. Over the past three years, the government has faced several economic challenges. Tarin said Prime Minister Imran Khan’s government is not shy about making tough decisions. He said the current government had, through its sound economic policies, turned the current account deficit into a surplus in 2021.
As he spoke, members of the opposition continued to bang on desks and shout “Go Niazi Go!” “. The minister announced that for fiscal 22, the government had set the GDP growth target at 4.8%. 8,487 billion rupees, almost 19% more than last year’s budget of 7,136 billion rupees. Total allocations for the Public Sector Development Program (PSDP) were budgeted at Rs 2,135 billion for FY22, up 37% from Rs 1,324. billion dollars last year. For the coming year, the government aims to keep inflation at 8.2%, which is significantly higher than the 6.5% targeted for fiscal year 21. The government has also allocated a budget of $ 1.1 billion. of US dollars for the purchase of COVID-19 vaccines to reach the target of 100 million vaccinations by June of next year, the minister said, adding that another amount of 100 billion rupees will also be spent as COVID-19 emergency fund. Tarin said the government has allocated special funds for hydropower projects, anti-carbon projects, tourism, special technology zones, public housing loans, agricultural development and electricity distribution. From June 14, 2021, the House will launch a debate on the proposed budget for the next 10 working days, after which the chamber is likely to proceed to a vote to approve the budget on June 28. Following approval, the budget will be presented to the Senate or the upper house. (ANI)
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