ISLAMABAD, May 17 (SABAH): The budget for next fiscal year (2017-2018) that will be announced on May 26 has been estimated at Rs 4,800 billion by the government.
According to a private TV channel, Rs 866 billion has been suggested to allocate for development projects including China-Pakistan Economic Corridor (CPEC) whereas the budget deficit will be around Rs 1500 billion.
About 10 to 15 percent increase is expected in the salaries and pensions of government officials and the federal cabinet will make the final decision in this regard.
On the other hand, Rs 94 billion has been reserved for Interior Ministry, Rs 37 billion for Cabinet Division, Rs 11 billion for Aviation Division, Rs 48 crore for Prime Minister’s Secretariat whereas President House will get Rs 45 crore for expenses.
Rs 42 billion are suggested to be allocated for Pakistan Railways. The Law Ministry will be given almost Rs 7 billion, Trade Ministry Rs 33 billion, Information Ministry Rs 298 billion while Ministry of Education and Training and Higher Education Commission will be allotted Rs 4 billion and Rs 80 billion respectively.
Earlier on Tuesday, Finance Minister, Senator Mohammad Ishaq Dar said the development drive and the federal budget for the coming fiscal year would focus on generating 6% gross domestic product growth (GDP).
“After macroeconomic stability, we have fully focused on higher GDP growth that brings a better life to people, better per capita income, job opportunities and fills the gap in infrastructure demand,” he said.
He said that during the next fiscal year, the government efforts would give growth to another boost as it intends to introduce some fiscal measures and policies.