ISLAMABAD , May 15, 2023: The meeting of Plan Coordination Committee was called for May 23rd regarding preparations for the fiscal year 24-2023.
The committee meeting will finalize the federal development budget for the new fiscal year, and the Coordination Committee will also approve the annual plan for the next fiscal year. The budget may allocate more than 900 billion rupees for PSDP.
The three-year budget strategy paper for 2023-26 will be put up for the federal cabinet’s approval in next week, whereas the new budget will be presented on June 9 or 10.
On the other hand, consultations are ongoing with the International Monetary Fund (IMF) to determine the targets for the fiscal year 24-2023 budget. The budget strategy paper would probably be presented to the federal cabinet in the coming week.
According to sources from the Ministry of Finance, the growth target for the next fiscal year will be 3.4% and the inflation target is predicted to be 21%, while the recommendation for FBR tax target can probably touch 9200 billion rupees.
Sources claim, 7200 billion rupees will be collected by June 30 against the target of 7640 billion rupees in tax revenue. The FBR officials are keen for a target not more than 8600 billion rupees in the upcoming budget.