1. ISLAMABAD, June 3  Following are highlights of the Federal Budget 2014-15 presented by Finance Minister Ishaq Dar in the National Assembly here on Tuesday evening:
2. •    Pakistan’s foreign exchange reserves likely to be US 15 billion by July this year.
3. •    Foreign exchange reserves have now increased to US 13.5 billion dollars.
4. •    Government brought stability to the Pakistani rupee and increased its value by 11%, since coming into power.
5. •    Pakistani rupee parity with the US dollar is around Rs 98 to 99 per US dollar as compared to Rs 111 to a dollar in December 2013.
6. •    Economy witnesses a growth rate of 4.14 per cent surpassing the figures in last six years.
7. •    Now per capita income reaches $1386.
8. •    Inflation remained at 8.6 per cent as compared to 12 per cent during the previous government.
9. •    Fiscal deficit stood around 5.8% as against predicted 8.8%.
10. •    Private investment reached 218% whereas export witnessed an increase by 4.25%.
11. •    Benazir Income Support Programme (BISP) allocation enhanced to Rs118 billion in fiscal year 2014-15 witnessing an increase of 200 per cent.
12. •    The social safety network for the poor segments would benefit about 480,000 families.
13. •    First shipment of 200 mmcfd of Liquified Natural Gas (LNG) to be added to the system in a year.
14. •    Process to acquire 350,000 tons of LNG at international market has been started to reinforce current energy supplies.
15. •    Government succeeds in floating the Euro Bonds for two billion dollars against an initial target of 500 million dollars.
16. •    Government announcs provision of up to Rs one million as housing credit to enable the poor to have their own houses across Pakistan.
17. •    Introduction of 3G and 4G technology to create jobs for about 9,00,000 youth in the next four years.
18. •    FBR revenues rise from Rs. 1,679 billion to Rs. 1,955 billion in the first 11 months of the current year.
19. •    Remittances, which were recorded at $11.6 billion during July-April 2012-13, rise to $12.9 billion for the same period this year, showing an increase of 11.5%.
20. •    Government has allocated a huge amount of over Rs 26 billion for health sector.
21. •    Government has revived efforts to promote Islamic banking and financial system in the country.
22. •    Number of beneficiaries under the BISP to be increased from 4.8 million to 5.3 million – an increase of 29% since 2012-13.
23. •    Monthly stipend under BISP being enhanced by another 25% by raising it to Rs 1500.
24. •    Government settled circular debt and added some 1700 MW in the national grid.
25. •    3G-4G technology to create estimated 900,000 jobs in the next four years.
26. •    PSDP to be increased from Rs.425 billion during 2013-14 to Rs.525 next year, an increase of nearly 24%.
27. •    GDP growth to gradually rise to 7.1% by FY 2016-17.
28. •    Inflation to be maintained in single digit throughout the medium term.
29. •    Investment to GDP ratio will rise to 20% at the end of medium term.
30. •    Fiscal deficit to be brought to down to 4% of GDP by 2015-16 and maintained at this level afterward.
31. •    Tax to GDP ratio will be increased 13% by the year 2016-17.
32. •    Pakistan’s foreign exchange reserves to be increased to more than $22 billion at the end of 2016-17.
33. •    Government investing Rs.42 billion for water storage projects in various parts of the country.
34. •    Rs.205 billion to be invested in power sector.
35. •    Rs.25 billion allocated for land acquisition for Karachi-Lahore motorway this year and Rs.30 billion in the next year’s development budget.
36. •    Government has allocated amounts for doubling of track from Khanewal to Lalamusa, covering a major portion of the north-south mainline.
37. •    Allocations have been made for rehabilitation of track from Karachi to Khanpur and Khanpur to Lodhran.
38. •    Allocations have also been made to strengthen and rehabilitate 159 weak railway bridges.
39. •    Allocations have been made in the current budget to add more than 500 engines to the system through procurement and repair.
40. •    Around 1500 new wagons/bogeys are also being arranged.
41. •    Rs.20 billion allocated for 188 projects of the Higher Education Commission.
42. •    Funding for the provincial programmes for population welfare has been kept at Rs.8.2 billion.
43. •    Government, through the State Bank of Pakistan, to provide guarantee to commercial, specialized and micro finance banks for up to 50% loss sharing.
44. •    The scheme will cover farmers having up to 5 acres irrigated and 10 acres non-irrigated land holdings benefiting 300,000 farmer households/families with a loan size up to Rs.100,000 with disbursement under this scheme will be Rs.30 billion.
45. •    Crop loan insurance scheme introduced for farmers with landholdings of 12.5 acers. From this budget, the scope of CLIS premium reimbursement is being enhanced up to 25 acres.
46. •    700,000 farmers households/families to benefit from this scheme. Total budget cost of the scheme is Rs.2.5 billion.
47. •    Live Stock Insurance scheme to benefit 100,000 Livestock farmer households/families.
48. •    Gross revenue receipts of the federal government for 2014-15 are estimated at Rs.3,945 billion compared to the revised figures of Rs.3,597 billion for 2013-14, showing an increase of 10%.
49. •    Share of provincial governments out of these taxes will be Rs.1,720 billion as compared to Rs.1,413 billion revised estimates for 2013-14, showing an increase of about 22%.
50. •    Net resources left with the federal government to be Rs.2,225billion compared to the revised estimates of Rs.2184 billion for last year.
51. •    Government raises the level of provincial transfers over the last year from Rs.1,215 billion to Rs.1,720 billion.
52. •    Total expenditure for 2014-15, is budgeted at Rs.3,937 billion compared to the revised estimates of Rs.3,844 billion for 2013-14, showing meager increase of 2% which is much lower than the inflation rate.
53. •    The budgetary needs of our Armed Forces as per their needs have been duly provided in the budget.  •    The current budget is estimated at Rs.3,130 billion for 2014-15 against a revised estimate of Rs.2,935billion for 2013-14, showing an increase of 6.6%.

Pakistan Federal Budget 2014-15 PDF

 

The public, especially government employees, seemed depressed after listening to the speech of Federal Minister Finance, Muhammad Ishaq Dar in which he announced the Federal Budget 2014-2015.

1. no relief in prices of items of daily use.
2. no major relief for poor people in the budget speech as government once again imposed new taxes to transfer financial burden on the common man.
3. The government increased prices of petroleum products by Rs 27.
4. only 10% increase in salaries of government employees.
5. imposed 17% tax on CNG.
6. Increased prices of ‘atta,’ sugar, ghee, pulses, onion, potato and other items.
7. government has increased only Rs1,000 from Rs10,000 to Rs11,000 fixed minimum wages.

Overall Federal Budget 2014-15 fails to cheer people up.