Federal Budget 2019-20 to be presented in NA tomorrow
ISLAMABAD: Federal Budget for the upcoming fiscal year of 2019-20 will be presented in National Assembly tomorrow (Tuesday).
Adviser to Prime Minister on Finance Dr. Hafeez Shaikh will present the budget emphasizing on austerity, fiscal discipline, external sector management and protection of the poor.
As per details, the federal government will table the budget amounting Rs 6,800 billion on Tuesday before the lower house of legislation.
According to information, the federal government will table the Rs 6,800 billion budget, on Tuesday before the lower house of legislation.
It is likely that the budget deficit will remain more than Rs3000 billion.
Once Prime Minister and federal cabinet members approve all minute information on the budget at their conference tomorrow, the budget will be submitted.
The postulates are adapted according to the circumstances of the International Monetary Fund (IMF) in the upcoming budget.
“Rs40 billion will be saved as per government’s campaign which aims to improve the economy,” sources said.
For the first time in the country’s history, no increase will be done in the military’s budget. Recommendation of allocating Rs 1,250 billion for defense purposes has been given which is the same as last year’s budget.
The finance saved from cutting down an increase in defence budget will be used for the development of sub-standard regions in Khyber Pakhtunkhwa province.
New taxes of Rs750 billion are probable to be imposed on daily commodities including consumer goods, electrical equipment, electronic tractors, agricultural instruments, and clothing products.
However, a recommendation has been given which seeks a 10 percent increase in salaries and pensions of government employees.
Pakistan Tehreek-e-Insaf government has decided not to grant any increase in salaries of the bureaucrats in the upcoming Budget for the financial year 2019-20.
Because of the country’s severe economic austerity, it was suggested not to offer Prime Minister and President any increase in their monthly wages.
Moreover, only officials of Grade 1 till 16 are likely to receive pay-hike, sources added.
According to sources, Premier Imran Khan has approved recommendations seeking to curb the economy from hitting more below the deck.