Rs 3.85tr budget set for next fiscal

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The government has set the size of next fiscal year’s consolidated budget at Rs 3.85 trillion, as compared to Rs 3.39 trillion for the current fiscal, with the federal budget set at Rs 2.54 trillion and provincial budgets at Rs 1.30 trillion, an official source told Pakistan Today on Tuesday.
The revenue target for the Federal Board of Revenue (FBR) is projected at Rs 1.952 trillion and non-tax revenue at Rs 637 billion. This year’s FBR tax revenue target was revised to Rs 1.588 trillion. The Public Sector Development Programme would be of Rs 280 billion. This year, provinces will be transferred Rs 1.050 trillion as compared to Rs 715 billion transferred last fiscal year.
During the next fiscal year, the provinces will be transferred around Rs 1.275 trillion. The government would shell out Rs 790 billion in interest payments during the next the next fiscal year, as compared to Rs 730 billion in interests during the current fiscal year. The allocation for the federal government is Rs 1.513 trillion, Rs 495 billion for defence, and Rs 35 billion for flood relief for the next fiscal.
An official source said the government had calculated the exchange rate parity between $1 to Rs 88 for the foreign financing billion during the next fiscal year. He said various scenarios were thoroughly discussed for the calculation of the exchange rates and finally it was decided that the exchange rate parity should be calculated at Rs 88. The calculation was quite difficult, considering the repayment to the International Monetary Fund from October this year and the rising fuel and commodity prices.
However, it was felt that the country could manage the shock, he said. About the small size of the estimated foreign financing, he said that it was kept on the lower side at Rs 180 billion as during the last three years, Pakistan had not managed to garner enough budgetary support from donors. “We have kept it at a realistic level so that there would be no false hopes,” he added.
In the current financial year, Pakistan had anticipated $3 billion from the Friends of Democratic Pakistan and $1.5 billion under the Kerry-Lugar-Berman Bill from the US. It got paltry amounts from both and the devastating floods forced the government to slash the development budget by Rs 100 billion to provide relief to flood victims.
The exchange rate was expected to remain stable in the next fiscal year, as appropriate measures would be kept in place to restrain speculators even though there would be heavy quarterly payments to the IMF. The government is also hopeful of getting another bailout package from the IMF during the repayment period, the source said. The boom in exports and rise in remittances would provide the necessary cushion to maintain solid foreign exchange reserves, he said.
In recent months, Pakistan’s exports have jumped to over $2 billion from the usual $1 billion per month, while remittances have increased to over $1 billion from an average of $700 million. This has helped maintain foreign exchange reserves of over $17 billion during the last few months.

4 COMMENTS

  1. Has the Govt given any thought to the fact that tax receipts have never exceeded 40% of targets. This could only have happened with the connivance of willing tax officers of FBR. It seems only fools pay taxes in Pakistan because no high profile businessman or senior bureaucrat has ever been caught for tax evasion

  2. Budget is a meaningless exercise. one hundred times petroleum,gas.electricity prices change and consequently every figure and data. It has come to mean how to extort the poor,middle,salaried,safaidposhs class of their half loaf left for their survival;a rich men-rulers poison. It is a fraud, state plunder of 35 trillion rupess, extortion, state bathakhori taught by the worst bathakhors on Karachi.However,I read the following, a very meaningful comment worth thousand budget from your one contributor which is a lesson for every politician especially Nawaz Sharif to serve this country towards salvation and greatness.
    Dear Nawaz Sharif-First -you remained oblivious for three years while curses of coalition of PPP-Zardari,ANP,MQM kept visiting every home of Pakistan with horrendous corruption, no bijli,no pani,no ata,no cheeni,loadshedding of 1012 hours from day one, highest ever tariffs of utility, butchering 'mehangi',judiciary orders personally disrespected by PPP-Zardari,targrt killing of thousand of innocent rampant with no PPP-Zardari action, inquiry despite Zulfikar Mirza exposing MQM etc,bathakhori of trillion of dollars etcetc.State corporations were systematically plundered by appointing worst corrupt persons personal friends of PPP-Z chairman, national exchequer was dried by corrupt officials,politicians,President Zardari,Chairmamn was allowed to become most despotic virtual king making his office most political,partisan,against every norm of constitution and oath of his office and you kept your one eye closed .President House was made into party headquarters on state expense on twenty four hours basis for full three years till recently after LHC judgment yet (secretly party activities go unchecked),where party slogans were raised on top of their voices but Nawz Sharif and rest did not hear it, saw even in Lahore while passing Governor House during Salman Taseer days excepting for when Governor raj was imposed you came out and after restoration hid in your mouse hole till now when the rivers have gone dry, economy ruined,law and order, security situation ruined;you are awakened from your cozy beds and peaceful sleep after 17 crore poor,safaidposh have ruined and destroyed. Yet you remained were composed, silent selfish spectators . excepting one voice and not even Imran.You have disappointed every one excepting MQM who are the best beneficiary with PPP-Zardari because it suited also indirectly your empire-wealth interests .MQM incited generals-jawaans to mutiny, treason and you kept silent and suddenly rose after Osama case attacking defense establishments for intelligence failure and did not talk a word on the dirtiest politicking of PPP-Zardari responsible for the worst that has come to Pakistan. He is the supreme commander who is only interested to consolidate his ‘kursi and business empire ,ill gotten wealth of hundred of billion dollars stashed abroad.You never objected nor Imran objected to his extra constitutional conduct as partisan President, a despot, all time worst ever dictator because you all remained giving your ‘mumafti kanda’ to the worst ever corrupt PPP-Zardari,MQM,ANP on the pretext to not ‘democracy derail’ no matter Pakistan (God forbidding)is.Nation will never forgive you for your ‘obliviousnes’.The remedy is bring back your one billion dollars and of your family deposited abroad. Deposit it in Punjab and not a penny in PPP-Zardari government.Give also to Sind,Bolchistan,PKWA to be spent on public welfare under your watch but most honestly in right projects and egomaniac projects of ‘sasti roti’.rest of politician,corruopt bureaucrats in civil ,defense,businessmen,Zardari will be prompted to bring hundred of billion dollars into country to free it from slavery of drones,IMF,UK,NATO,USA that PPP-Zardari.MQM.ANP has placed Pakistan into rather sunk it.Please SAVE PAKISTAN NOW OR NEVER from our enemies within and without and join with pro Pakistan, Islam loving forces to glorify Islam and Rasool Akram[PBUH]on this whole earth.May Allah bless Pakistan,its people with greatness,peace,prosperity,unity and love for nation and each other.,Amin!

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