Inadequate federal receipts, how far the budget deficit is going to be touched, alarming statistics have come out
Islamabad (UrduLight.com) The extent of the budget deficit will be touched and the apprehension being expressed in this regard is very disturbing. According to “Jeo News”, the budget deficit is feared to be one trillion rupees, the federal receipts will be insufficient to cover the largest expenses in the federal budget of the next fiscal year 2023-24 in the form of debt relief, resulting in a budget deficit. 1 trillion is feared to be Rs.
Pakistan’s expenditure will revolve around 3 ‘D’ Debt Servicing, Defense and Development as per the Budget Strategy Paper (BSP) under the Pakistan Financial Management (PFM) Act. It has to be approved by Parliament by April 15 for each fiscal year but is yet to get approval from the Cabinet. However, if the FBR’s tax collections reach Rs 9.2 trillion as targeted in the next budget, the NF 57.5% will be provided to the provinces on the basis of their share in the C award, which will make the total federal receipts 4 trillion and the share of the provinces will be 5.2 trillion rupees. Thus, the total revenue volume from the upcoming budget will be close to 6.5 trillion rupees. will go