Federal cabinet approves next budget layout
12 March, 2013
The federal cabinet has approved a layout of Rs 5,360 billion for the next fiscal year.
But due to reduction in foreign investment, pushing payments and the prevailing situation in the country the targets of next fiscal year do not seem to be possibly achieved.
The Rs 5,360 billion next budget 2013-14 layout is Rs 2,400 billion more than the current budget.
According to the sources of finance ministry the overall revenue collection for the next fiscal year is set at Rs 3,522 billion which is Rs 288 billion more than the current budget.
The target given to tax collection by the FBR is set at Rs 2,675 billion which was set at Rs 2,381 billion which was reviewed down to 2,193 billion.
According to budget documents the volume of budget deficit during the next fiscal year is expected to Rs 1,620 billion.
Rs 450 billion is allocated for the development programs in the fiscal year which is Rs 90 billion more than in the present budget.
Defence has been allocated Rs 627 billion including an increase of Rs 82 billion over the last fiscal year.
The government has to pay Rs 1,149 billion as interest on loans next year.