Economy

PTI-led Govt unveils Rs 7.022 trillion federal budget for Year 2019-20

Islamabad, June 11, 2019: Pakistan Tehreek-e-Insaf government on Tuesday presented its first budget with a total outlay of Rs 7.022 trillion for the fiscal year 2019-20, registering a growth of 30 percent against the revised budget of Rs 5.385 trillion for current fiscal year (2018-19).

State Minister for Revenues Hammad Azhar presented the budget in the National Assembly, amid protest by the Opposition parties. The minister said that total federal revenues have been estimated at Rs 6.717 trillion which is 19 percent higher than the previous year’s revenues of Rs 5.661 trillion.

The collection of revenues by Federal Board of Revenue (FBR), he said are estimated to be recorded at Rs 5.555 trillion which are 12.6 percent of Gross Domestic Product (GDP).

The minister of state said out of total revenue collections, an amount of Rs 3.255 trillion would be distributed among the provinces under 7th National Finance Commission (NFC) Award which is 32 percent higher than the current year’s share of Rs 2.465 trillion. He said Net Federal Revenues for the upcoming fiscal year has been estimated at Rs 3.46 trillion against the revenues of Rs 3.07 trillion during the current fiscal year which is 13 percent higher.

Similarly, he said the federal budget deficit would be Rs 3.56 trillion whereas the provincial budget surplus is estimated to be at Rs 423 billion for the year 2019-20.

Rs 10mln allocated for PM Secretariat’s security

The government has allocated Rs 10 million for the fiscal year 2019-20 under the Public Sector Development Program (PSDP) to improve the level of security at the Prime Minister Secretariat.

Rs 45.5 bln allocated for Karachi projects

The federal government has allocated a hefty amount of Rs 45.5 billion for nine different development projects of the port city of Karachi.
Minister of State for Revenue Hammad Azhar in his budget speech informed that under a special package an amount of Rs 10.4 billion was earmarked for Quetta city.

Maritime Affairs receives Rs 3.6 billion in Fiscal year 2019-20

The government has allocated around Rs 3.6 billion for the ongoing and new projects of Maritime Affairs Division (MAD) for the fiscal year 2019-20 under the Public Sector Development Programme (PSDP). The fiscal allocations earmarked included Rs 3.535 billion for the ongoing projects and Rs 64.848 million for the new projects.

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