Budget FY 2022-23 all You Need to Know About Numbers Funds and their Allocations

Budget 2022-23 draft is prepared by the Ministry of Finance under the guidance of Finance Minister Mr.Miftah Ismael. All you need to know about what, why and how in this upcoming budget 2022-23, which will be present by tomorrow. Here is the details that you want to know about this new budget FY 2022-23

According to the sources in the Budget document for the next financial year, the Federal expenditure is estimated at 8894 billion while the Budget deficit is estimated to be limited to Rs 4,282 billion. The Federal Board of Revenue will collect 7255 billion in tax while the non-tax value is estimated to be Rs 1626 billion. According to the documents, 4215 billion rupees were transferred from the Federal Government to the Provinces. It is estimated that Rs. 530 billion will be allocated for Pensions.

In this financial year, the volume of the economy will be Rs. 800 billion. The largest development budget NHA will receive is Rs 121 billion. The budget of 578 billion rupees will be for Subsidies. The budget deficit is estimated to be limited to 5.5% of the economy. The size of the economy will be Rs 78197 billion in the next financial year 2022-23.

A development budget of Rs. 96 billion has been allocated for water resources. A development budget of Rs 96 billion has been allocated for IJK and GB. The budget of Federal Ministries and Departments has been allocated Rs. 538 billion. The Cabinet Division will get a budget of Rs 60 billion for development works.

In the energy sector, PEPCO will have a development budget of Rs 49 billion and Railways will have a development budget of Rs 33 billion. A development budget of Rs. 50 billion has been allocated for the integrated tribal areas in KPK.

The Atomic Energy Commission will get a budget of Rs 25 billion. The Higher Education Commission will get a budget of Rs 41.87 billion. A development budget of Rs 2.5 billion has been allocated for aviation and a budget of Rs 9.5 billion has been allocated for climate change. A budget of Rs. 11 billion 60 crores has been allocated for housing projects. A budget of Rs. 6 billion has been set aside for educational projects. A budget of Rs. 10 billion 47 crores has been set for the Ministry of Home Affairs. Twelve billion rupees have been budgeted for the Ministry of Health. And a budget of 3.1 billion rupees has been set for the Maritime office.

According to the Budget documents, 1586 billion rupees will be budgeted for the Defence Budget. The grants of 1232 billion rupees will be given for the next financial year. Budget of Rs. 3523 billion on debt and interest payments and Rs. 550 billion for running Government affairs.

In the Budget, it is expected that Salaries will be increased by 5 %. The government is planning to start Metro Bus Service from Rawat to Faizabad and to Barakahu. In spite of pressure from the International Monetary Fund IMF, the Government gives subsidies in various sectors.

After the Budget will present in the National Assembly, the Opposition will debate on the budget, but as PTI is out of Parliament, it seems that there will be not much resistance to Government. Eight days will be given for debate over the Budget. After 20 June Finance Minister will sum up the Budget debate and the Finance Bill approval process will be completed by 25 June 2022. After that Bill will be moved to the president for final signatory and from 1st July Budget will be implemented.

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