ISLAMABAD, June 09(ABC): The incumbent coalition government is all set to present its first “pro-people, business-friendly and progressive” budget for the fiscal year 2022-23 in the Parliament on June 10 (Friday), with a special focus on fiscal consolidation to contain the budget deficit.
The budget would be presented by Federal Minister for Finance and Revenue Miftah Ismail.
The budget has been formulated while considering the existing challenges being faced by the economy on domestic and international fronts. Hence, mitigating people’s sufferings, transforming the agriculture sector, promoting Information Technology (IT), boosting industries and bolstering businesses would be the main focus of the document, sources said.
In addition to fiscal management, revenue mobilisation, measures for economic stabilisation and growth, reduction in non-development expenditures; boosting exports besides job creation and people-friendly policies for the socio-economic prosperity of the country would be featured in the budget.
It would also focus on social sector development besides introducing reforms for improving governance and boosting private sector investment.
On the revenue side, the government would introduce measures for bringing improvements in the system of tax collection, broadening the tax base, and facilitating taxpayers.
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 Rs7 trillion for the fiscal year 20222-23.
Sources said the preparations for the announcement of the federal budget for the fiscal year 2022-23 continued in full swing in accordance with the prescribed timelines.
The budget was being prepared in close coordination between all departments and ministries involved in budget-related events including the presentation of the budget in the Parliament and the launching of the Economic Survey, they added.
Meanwhile, the pre-budget document presenting the state of the country’s economy, “the Economic Survey of Pakistan” will be unveiled tomorrow.
The survey would highlight the overall performance of the economy during the outgoing fiscal year, providing realistic feedback and a basis for future planning.