ISLAMABAD: The federal cabinet chaired by Prime Minister Shehbaz Sharif on Friday approved the budget proposals for the fiscal year 2022-23.
The cabinet also accorded approval to the Finance Bill 2022. Finance Minister Miftah Ismail will present the budgetary proposals in the National Assembly this afternoon.
Minister for Information and Broadcasting Marriyum Aurangzeb has said the Prime Minister has approved an increase of fifteen percent in the salaries of government employees with the consent of the cabinet.
In a tweet , she said the Prime Minister rejected the finance ministry’s proposal of a ten percent increase. She said merging of adhoc allowances into the basic pay has also been approved.
The coalition government is all set to present the Budget for the next fiscal year 2022-23 in the National Assembly (NA) with an outlay of over Rs9.5 trillion.
The budget has been formulated while considering the existing challenges being faced by economy on domestic and international fronts. Miftah Ismail will also present Supplementary Grants 2021-22 and Finance Bill 2022.
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 Rs.7 trillion for the fiscal year 20222-23.
The coalition government has decided to allocate Rs800 billion for the Public Sector Development Programme (PSDP) in the next fiscal year, said sources.
A development budget worth Rs800 billion has been proposed for the next financial year, out of which Rs538 billion will be allocated for federal ministries and departments.
Meanwhile, the government has decided to allocate Rs 25 billion for Atomic Energy Commission, while Rs41.87 billion will be allocated to Higher Education Commission (HEC) and Rs2.5 billion for Aviation.
Rs84 billion has been proposed for energy sector, Rs83bn for water schemes while Rs39 billion will be given to Housing Ministry and Planning.
Moreover, the Ministry of Climate Change will be given Rs9.5 billion. It has been proposed to allocate Rs10.47 billion for the Ministry of Home Affairs, Rs 12 billion for the Ministry of Health, Rs 12 billion for the Ministry of Food Security and Rs3.1 billion for Maritime Affairs
