ISLAMABAD: The federal government is set to present a Rs17.5 trillion budget for the upcoming fiscal year in the National Assembly today.
Federal Finance Minister Muhammad Aurangzeb will present the budget during a key session of the National Assembly, scheduled to begin at 3:00 pm., with the participation of all members expected.
Prior to the budget presentation, a special meeting of the federal cabinet, chaired by Prime Minister Shehbaz Sharif, will be held at 2:30 p.m. During the meeting, Finance Minister Muhammad Aurangzeb will brief cabinet members on the major features of the new budget, after which the cabinet will formally approve the federal budget.
According to Federal Minister for Parliamentary Affairs Tariq Fazal Chaudhry, the budget documents will be presented in the Senate at 5:00 p.m. following their presentation in the National Assembly.
The proposed budget sets a total tax revenue target of Rs15.267 trillion. The government has allocated a substantial Rs7.824 trillion for debt servicing, while the defence budget is expected to be around Rs3 trillion to meet the country’s security requirements.
The government also plans to collect Rs1.727 trillion through the petroleum levy. The budget is expected to set an export target of $32.8 billion and an import target of $70 billion. Relief measures for government employees are also likely, including increases in salaries and pensions.
In terms of development spending, the government has revised its strategy for the next fiscal year. No new development projects are expected to be launched; instead, priority will be given to completing ongoing projects. Additionally, the tax exemptions currently enjoyed by the former FATA regions may be withdrawn during the new fiscal year.
Tariq Fazal Chaudhry stated that the government is striving to provide maximum possible relief to the public in light of the prevailing economic situation.
He further said that members of the ruling Pakistan Muslim League (N) and its coalition partners would actively participate in the budget session.
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Addressing the opposition, he urged opposition lawmakers to play a constructive democratic role during the budget proceedings and listen carefully to the finance minister’s budget speech rather than creating disruptions, so they can offer meaningful and positive economic recommendations.
