Pakistan Federal Budget 2015 / 2016 – The government on Sunday approved to present the budget for the next financial year 2015-16 in the parliament on June 5 with deficit of 4.3 percent of the GDP as agreed with the International Monetary Fund (IMF).
“Finance Minister, Senator Mohammad Ishaq Dar has formally approved presentation of national budget 2015-16 on 5th of June. As customary, the Economic Survey would be launched a day earlier i.e 4th of June 2015”, said an official handout released here after the Minister chaired a meeting to finalise calendar of budget activities while also reviewing the fiscal and macro framework of the budget 2014-15 and projected numbers for the budget 2015-16.
Finance Minister told The Nation that government has agreed with the IMF to keep budget deficit target at 4.3 percent of the GDP for next fiscal year. The government had sought 0.3 percent of the GDP (Rs 100 billion) as additional expenditures to be spent on civil armed forces, cash grants for Temporarily Displaced Persons (TDPs) and on their rehabilitations, he added.
The government is also considering to increase the volume of Public Sector Development Programme to Rs 600 billion in the budget 2015-16 as against the allocated amount of Rs 525 billion of the outgoing year.
According to the official handout, the Minister was apprised that budget strategy paper would soon be shared with the Parliamentary Standing Committee on Finance and Revenue before submission to the Cabinet. The Minister issued instructions for holding meeting of the Economic Advisory Council on Monday with an aim to receiving useful suggestions and inputs for the next budget.
The Minister said that he held a useful meeting with the Tax Advisory Council on Friday seeking useful inputs about the budget which were basically focused on taxation and would likewise meet stakeholders from other economic spheres obtaining their opinion on budget 2015-16. The Finance Minister today reiterated that interest of the public at large would be accorded top priority while finalising the budget.The Minister on this occasion also lauded the dedicated work undertaken by the Tax Reforms Commission and added that its recommendations would be incorporated in the budget.
Source : – The Nation