stan government on Saturday unveiled the Federal Budget for the fiscal year 2009-10 with a record deficit of over Rs 722 billion, near 5% of the gross domestic product, report said. Pakistan's federal budget for the year that begins July 1 was presented in the National Assembly by Junior Minister for Finance and Economic Affairs Hina Rabbani Khar. The total budget outlay has been estimated at Rs 2897.4 billion in contrast with the estimated revenue collection of Rs 2174.9 billion.
Key features of the Federal Budget are as follows:
* Tax Collection Target has been set at Rs 1377.5 billion
* Current Expenditures are estimated at 1699.19 billion
* Allocation for Peoples Works Program: Rs 28 billion
* Allocation for Workers Welfare Fund: Rs 10.8 billion
* Rs 50 billion have been allocated for the relief and rehabilitation of Internally Displaced Persons (IDPs) of the operation-affected areas of NWFP.
* On-service government employees will receive 15 percent Ad hoc Relief Allowance of their salaries from July 1, 2009.
* Government and armed forces retired employees will receive 15 percent raise in their net pensions from July 1, 2009
* An increase of allowance equivalent to one basic pay, effective from July 1, 2009, has been approved for the militarys personnel deputed in the western part of the country. All the members of the armed forces will get the same from January 1, 2010.
* Rs 70 billion have been allocated for Benazir Income Support Program
* Defence spending has been increased by 15.3 percent to 342.9 billion rupees, compared with 296.07 billion rupees allocated in the fiscal year of 2008-09