ISLAMABAD - The coalition government is all set to present annual budget for next fiscal year 2023-24 today in the Parliament amid an effort to revive the much needed International Monetary Fund (IMF) loan programme, supporting agriculture, exports and IT sectors. Finance Minister Ishaq Dar would present the annual budget in parliament after getting approval from the special federal cabinet meeting, which would be chaired by Prime Minister Shehbaz Sharif. The federal government would consider different proposals regarding increasing salaries and pensions in the budget. Ministry of Finance would present different options in this regard.
Ishaq Dar on Thursday informed that the government would increase the salaries of civil servants and pensions keeping in view the higher inflation rate in the country.
The government has already shared the draft of the annual budget with the IMF. An official informed that the total outlay of the budget could be around Rs14500 billion with a deficit of 7.7 percent of the GDP. The government would likely to set the tax collection target of Rs9.2 trillion and non-tax collection target at Rs2.8 trillion. The defense budget could be around Rs1.8 trillion, subsidies Rs1.3 trillion and Rs430 billion for the Benzair Income Support Programme (BISP). The major part of the budget would be consumed by interest payments, which is projected at over Rs7 trillion.