ISLAMABAD: The federal government on Friday announced the budget for fiscal year 2022-2023. The budget looks progressive and provide better relief with a total outlay of Rs9.502 trillion to stabilize the poor economy and reduce the sufferings of oppressed segments of society.
The finance minister Miftah Ismail unveiled the budget and discussed of curtailing the imports and reducing the expenditures on luxury items.
The finance minister said, “out of total Rs9.502 trillion budget, an amount of Rs2,950 billion had been allocated for debt servicing and Rs800 billion earmarked for the Public Sector Development Programme (PSDP 2022-23).”
He said that the amount of Rs1,523 billion had been earmarked for defence expenditures, Rs550 billion for civil administration and Rs530 billion for pensions. Similarly, Rs699 billion had been proposed for providing targeted subsidies to the poor segments of society.
The budget specially focused on fiscal consolidation to curtail overall deficit, prioritizing practical austerity measures along with strategies to enhance tax-to-GDP (gross domestic product) ratio, reduce gross public debt, slice trade and current account deficits, and promote sustainable economic growth.
Announcing the radical national development and pro-common man initiatives in the National Assembly, Miftah Ismail said that the budget was being presented at a critical juncture as the previous government had caused a huge damage to the economy during its three years and nine months tenure.
The finance minister said that the government had embarked on introducing drastic measures in the Federal Budget 2022-23 to uplift and put the economy on sustainable growth trajectory.