The proposed federal budget for the fiscal year 2022-23 was adopted by the Cabinet during a special meeting held on Friday.
The Finance Bill 2022-23 was passed with the approval of a special cabinet meeting presided over by Prime Minister Shehbaz Sharif and attended by federal ministers, advisers, and special assistants.
Information Minister Mariyum Aurangzeb made the announcement through Twitter that the federal cabinet has approved a 15 percent raise in the salaries of government employees as well as a 5 percent increase in the pensions of that personnel.
She continued her announcement by stating, “The government also approved integration of Adhoc allowances into the base pay.”
Today (Friday), at the National Assembly (NA), the budget for the upcoming fiscal year 2022-23 will be presented by the coalition government.
The specifics indicate that the Minister for Finance and Revenue, Miftah Ismail, would deliver the budget to the National Assembly at four o’clock in the afternoon. The budget will have an outlay of more than 9.5 quadrillion rupees.
The budget was developed with careful consideration given to the existing challenges that the economy is encountering on both the domestic and the foreign fronts. Additionally, Supplementary Grants 2021-22 and the Finance Bill 2022 will be presented by Miftah Ismail.
A revenue collection target of over Rs.7 trillion is anticipated to be established by the government for the fiscal year 20222-23. This is because of the robust rise of revenues during the current fiscal year (2021-22), which the administration would take into consideration.
According to the sources, the current coalition government has made the decision to allot Rs800 billion to the Public Sector Development Programme (PSDP) for the following fiscal year.