Tuesday, October 27, 2020 5:02

FY2014-15 Budget with Estimated Outlay of Rs.3.8tn Today

Tagged with:
Posted by on Tuesday, June 3, 2014, 12:31
This news item was posted in Breaking News, Pakistani News category and has 0 Comments so far .

The government of Pakistan Muslim League-Nawaz (PML-N) is all set to produce today its second federal budget with an outlay of about Rs 3.864 trillion for Fiscal Year 2014-15 before the Parliament with an expected allocation of Rs.40 billion for raise in salaries and pension.

Parliament House

Parliament House

The outlay of the present budget is seven percent more than the ongoing fiscal year with FBRโ€™s revenue collection target set at Rs.2810 billion for fiscal year 2014-15 and non-tax revenue at Rs.817bn. Provincesโ€™ share has been projected at Rs.1,703 billion.

Defence budget has been proposed to enhance by 10 percent to Rs.700 billion with Rs.525 billion apportioned for the development program and Rs.40 billion for raise in pensions and salaries.

The next budget will have subsidy to the tune of Rs.300 billion; of this, Rs.229 billion will funneled into power sector. There is a proposal to set aside Rs.85 billion for Benazir Income Support Program (BISP).

The PML-Nโ€™s government has decided to assign Rs.1,347 billion for the payment of interest on loans.

A special budget session of the Parliament (National Assembly and Senate) has already been summoned by the President.

Finance Minister, Senator Mohammad Ishaq Dar will lay budget proposals for the Financial Year 2014-15 in the House, sources said adding these budget proposals will first be presented for approval before the Federal Cabinet in its special session to be chaired by Prime Minister Nawaz Sharif.

The National Budget for the upcoming Financial Year (2014-15) envisages revival economy, overcoming challenges at economic front particularly resolving the energy crisis and reducing non-development expenditures and providing relief to the masses.

Federal Minister for Finance, Senator Muhammad Ishaq Dar will announce the Budget 2014-15, after its formal approval from the Federal Cabinet, sources in the Ministry of Finance said.

“Overcoming the energy crisis, stabilization of economy, cutting down the non-development expenditures, enhancing productivity through new growth strategies, reduce fiscal deficit and inflation, enhance revenue collection and welfare of the people will feature as priorities in the upcoming budget,” they added.

The budget will also focus on social sector development and revenue enhancement, besides reforms will also be introduced for improving governance and boosting private sector investment.

It is pertinent to mention here that the National Economic Council, with Prime Minister Nawaz Sharif in the chair, has already approved Annual Plan 2013-14 and proposed Annual Plan for 2014-15 and Vision-2025.

The NEC discussed and approved the Annual Plan 2013-14 and the proposed Annual Plan for 2014-15. The meeting also discussed Public Sector Development Programme 2013-14 and the proposed PSDP for 2014-15.

Finance Minister Ishaq Dar and Minister for Planning and Development Ahsan Iqbal presented a comparative study of the PSDP achievements of 2013-14 and targets set for 2014-15.

The National Economic Council (NEC) has already approved the proposals for PSDP allocations of Rs.1310 billion for 2014-15 recommended by Annaul Plan Coordination committee (APCC).

You can leave a response , or trackback from your own site .

No Responses to “FY2014-15 Budget with Estimated Outlay of Rs.3.8tn Today”

Leave a Reply