Despite the ongoing challenges posed by the third wave of the COVID-19 pandemic, the Pakistani government is gearing up to present its third budget for the fiscal year 2021-22 in the Parliament on June 11, Friday.
Federal Minister for Finance and Revenue, Shaukat Tarin, will present the budget, which has been crafted with a keen eye on mitigating the impact of COVID-19 on the people and businesses of the country.
Sources reveal that the budget will prioritize alleviating people’s suffering, revitalizing the agriculture sector, and bolstering businesses. Key elements will include fiscal management, revenue mobilization, economic stabilization and growth measures, reduction in non-development expenditures, boosting exports, job creation, and implementing people-friendly policies to enhance the socioeconomic prosperity of the nation.
Moreover, the budget will focus on social sector development and introduce governance reforms aimed at enhancing efficiency and boosting private sector investment.
While no new taxes are expected to be introduced, the government plans to implement measures to enhance the tax collection system, broaden the tax base, and provide facilitation to taxpayers. A robust revenue generation strategy is crucial for achieving economic growth targets.
The government is reportedly targeting a revenue collection of Rs5.8 trillion for the fiscal year 2021-22.
Preparations for the budget announcement have been underway in full swing, with close coordination among all departments and ministries involved in budget-related activities, including the presentation of the budget in Parliament and the launch of the Economic Survey.
Meanwhile, the Economic Survey of Pakistan, presenting the state of the country’s economy during the outgoing fiscal year, is set to be released on June 10, Thursday. This survey will provide a comprehensive overview of the economy’s performance, offering valuable insights for future planning and policymaking.
As Pakistan navigates the economic challenges exacerbated by the COVID-19 pandemic, the upcoming budget aims to chart a course toward recovery and resilience, focusing on measures to support the populace and stimulate economic growth.
