ISLAMABAD: The democratic government of PML-N is going to present the third budget of its tenure in the National Assembly of Pakistan today. The Federal Finance Minister Senator Muhammad Ishaq Dar will table the budget 2015-16 proposals- worth over Rs. 4 trillion – in the House at 4.30 p.m.
It’s time to see now whether the Nawaz’s government will fulfill its promises announced before budget in various speeches or the common man will have to suffer again. Prime Minister Nawaz Sharif and Federal Minister on various occasions has said that this budget will be according to the expectations of common man and top priority will be given to common man.
Federal Minister for Finance Ishaq Dar will present the Federal Budget for the Year 2015-16 in the meeting of National Assembly today to be held at 4.30 p.m.
Federal Minister will also lay before the NA the Supplementary Demands for Grants and Appropriations for the financial year 2014-15.
He will also introduce a Bill to give effect to the financial proposals of the Federal Government for the year beginning on the first day of July 20156 and to amend certain laws (The Finance Bill, 2015).
As per government’s budget strategy paper, “The fiscal 2015-16 will consolidate the gains made by the government in stabilizing the economy, yet enabling the growth to accelerate for providing jobs and reducing poverty.” “Overcoming the energy crisis, stabilization of economy, cutting down the non-development expenditures, enhancing productivity through new growth strategies, further reducing fiscal deficit and inflation, enhancing revenue collection and welfare of the people would be featured as priorities in the upcoming budget,” said Dar.
According to sources:
Rs. 1.5 trillion are fixed for annual development program in which Rs. 700 billion are specified for federal developments projects.
The provinces share will be Rs. 814 billion. (ratio will be confirmed after final approval of budget)
Rs. 780bn are for defence; Rs. 1.31tr are for debt-servicing and Rs. 11.1bn has been decided to spend on health.
Higher Education Commission share is Rs. 20bn. Export target has been set for $25.5bn; agriculture growth target has been set at 3.9%; manufacturing sector at 6.1%; and over all GDP growth target fixed at 5.5%.
A Special Committe on instructions of Ishaq Dar to reexamine the current pay scales of government employees has been already formed. Recommendations of 10% increase in salary of government employees is also inked in the budget proposals.
The Finance Minister said that recommendations of Tax Reforms Commission will be the part of next budget. Many other initiatives such as: reduction in markup rates of Exports Re-finance Facility (ERF); reduction in markup rates of Long-Term Finance Facility; Sales Tax Refund; formation of telecenters; Reimbursement of Crop Loan Insurance Scheme (CLIS) Premium; formation of Exim Bank; LNG Import; Revival and Restructuring of Housing Building Finance Company Ltd.; and many others will be incorporated in the next budget.