Save Our Pak
Prime Minister Shehbaz Sharif has announced that government employees will get a 6% increase in their salaries and a 7% increase in pensions. This decision was approved during an important meeting of the federal cabinet, Reported by Save our pak news channal.
While addressing the cabinet, the Prime Minister said that the government is giving more than what was possible with the available budget. He also directed all ministers to make sure they attend the upcoming budget session in the National Assembly. He added that the country’s economy is improving, all economic indicators are getting stable, and the government is presenting the best possible budget with the resources it has.
The meeting, chaired by Prime Minister Shehbaz Sharif, was held to approve the national budget for the new financial year. The budget documents were delivered to Parliament House under strict security. These documents were then presented during the cabinet meeting.
According to the official documents, the expected budget deficit for the next fiscal year will be 5% of the GDP. The government has proposed Rs. 2,550 billion for defense spending.
Sources said that the total expected expenses for the next year will be Rs. 17,573 billion, while the target for total federal revenue is set at Rs. 19,298 billion. Out of this, the FBR (Federal Board of Revenue) is expected to collect Rs. 14,131 billion in taxes. Non-tax revenues are expected to be around Rs. 5,167 billion. The government plans to give Rs. 8,206 billion to the provinces as part of the revenue distribution.
The net federal income is estimated to be Rs. 11,072 billion. Out of this, Rs. 8,207 billion will be spent just on interest payments for loans. Defense spending again stands at Rs. 2,550 billion. To run government operations, Rs. 971 billion is set aside. Rs. 1,055 billion will be used for paying pensions.
For subsidies, Rs. 1,186 billion is planned, and for grants, Rs. 1,928 billion will be spent. The development budget is expected to be Rs. 1,000 billion.
The current expenditures are estimated to be Rs. 16,286 billion, and overall budget deficit may reach Rs. 6,501 billion, which is still around 5% of the GDP.
