Finance Minister Ishaq Dar presents a Rs3.5 trillion federal budget 2013-14 in a bid to revive the country’s ailing economy and is designed to achieve a 4.4% growth rate in the economy over the next fiscal year.
Fiscal deficit 6.3%; PSDP Rs1.155 trn; inflation 9.5%; revenue target set at Rs2.475 trn; defence allocation Rs 627 bn; Rs926 bn allocated for debt servicing; GST raised from 16 to 17 percent; Rs75 bn allocated for Income Support Programme; Pension up by 10%; minimum pension raised from Rs3000 to 5000; Rs225 bn for energy sector development.
This is the first federal budget presented during the tenure of newly-elected Prime Minister Nawaz Sharif and his cabinet since the change of government following the 2013 general election.
The budget seeks to address the country’s energy crisis, reduce non-development expenditures and bring about a range of new economic policies of the elected government.
The government has termed the budget as “an investment and business friendly budget.
Finance Minister Dar said that a reduction in the electricity circular debt of over Rs500 billion was one of the main thrusts of the new budget. Simultaneously, the finance minister reiterated that an ambitious revenue collection target has been set for the forthcoming year to finance an economic revival in the country.He added that a 30% decrease in non-development expenditures was expected in the upcoming budget under austerity measures, and the reduction in expenditure would translate into relief for the common man.
One of the foremost challenges, which will define the future course of the government, is the large share of debt financing in the federal budget.
Similarly, large outlays in defence and subsidies (including those on energy), constitute a burden on the fiscal space available to the present government in the first federal budget of their five year term.
Last year alone, the budget head for subsidies was surpassed by an additional Rs450 billion in energy subsidies, compared to an original allocation of just Rs238 billion.
Please find below full text of Budget speech of Pakistan’s 2013 – 14 Speech.
Pakistan Budget Speech 2013 – 14 Full Text in English :
Fiscal deficit 6.3%; PSDP Rs1.155 trn; inflation 9.5%; revenue target set at Rs2.475 trn; defence allocation Rs 627 bn; Rs926 bn allocated for debt servicing; GST raised from 16 to 17 percent; Rs75 bn allocated for Income Support Programme; Pension up by 10%; minimum pension raised from Rs3000 to 5000; Rs225 bn for energy sector development.
This is the first federal budget presented during the tenure of newly-elected Prime Minister Nawaz Sharif and his cabinet since the change of government following the 2013 general election.
The budget seeks to address the country’s energy crisis, reduce non-development expenditures and bring about a range of new economic policies of the elected government.
The government has termed the budget as “an investment and business friendly budget.
Finance Minister Dar said that a reduction in the electricity circular debt of over Rs500 billion was one of the main thrusts of the new budget. Simultaneously, the finance minister reiterated that an ambitious revenue collection target has been set for the forthcoming year to finance an economic revival in the country.He added that a 30% decrease in non-development expenditures was expected in the upcoming budget under austerity measures, and the reduction in expenditure would translate into relief for the common man.
One of the foremost challenges, which will define the future course of the government, is the large share of debt financing in the federal budget.
Similarly, large outlays in defence and subsidies (including those on energy), constitute a burden on the fiscal space available to the present government in the first federal budget of their five year term.
Last year alone, the budget head for subsidies was surpassed by an additional Rs450 billion in energy subsidies, compared to an original allocation of just Rs238 billion.
Please find below full text of Budget speech of Pakistan’s 2013 – 14 Speech.
Pakistan Budget Speech 2013 – 14 Full Text in English :
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