The incumbent government, led by Pakistan Tahreek-e-Insaf (PTI), is all set to present its third budget for the fiscal year 2021-22 in the Parliament on June 11 (Friday), amid the third wave of Coronavirus (Covid-19), which had affected world economies including Pakistan.
The budget will be presented by Federal Minister for Finance and Revenue, Shaukat Tarin.
The budget had been formulated while considering the impact of COVID-19 on the people and businesses of the country, hence mitigating people’s sufferings, transforming the agriculture sector and bolstering businesses would be the main focus of the document, sources said.
In addition to fiscal management, revenue mobilization, measures for economic stabilization 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 feature 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, though no new taxes would be introduced, the government would introduce measures for bringing improvements in the system of tax collection, broadening the tax base, and facilitation to tax payers, sources said arguing that a strong revenue generation will play a crucial role in achieving the targets for economic growth.
The government is likely to set the revenue collection target at Rs5.8 trillion for the fiscal year 2021-22.
Budget 2021-22. Yearly fish market on 11 June. Rumpus by opposition, while determined minister presents budget with plugged ears. Howling & shouting by opposition is responded by desk thumping. Speaker closes session. All go home, handsomely paid. #PTI #PPP #PMLN #ANP #JUIF #MQM
— Lt Gen (Retd) M Haroon Aslam, (@AVeteran1956) June 4, 2021
Sources said the preparations for the announcement of the federal budget for fiscal year 2020-21 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 launching of the Economic Survey, they added.
Meanwhile, the pre-budget document presenting state of country’s economy, ‘the Economic Survey of Pakistan’ is likely to be launched here on June 10 (Thursday).
The survey would highlight the overall performance of economy during the outgoing fiscal year, providing a realistic feedback and basis for future planning.