Expenditures, Subsidy On Power And Gas Reduced To Avoid Deficits: Miftah

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Expenditures, subsidy on power and gas reduced to avoid deficits: Miftah

Miftah has said the target of next year's budget was fiscal consolidation and provision of relief to the masses.

ISLAMABAD: (UrduPoint/Pakistan Point News-June 11th, 2022) Finance Minister Miftah Ismail has said the government took difficult decisions keeping in view the interest of the country.

They reduced our expenditures as well as subsidy on power and gas to reduce deficits.

Miftah has said the target of next year's budget was fiscal consolidation and provision of relief to the masses.

He expressed these words while addressing the post budget press conference in Islamabad on Saturday. Minister for Information and Broadcasting Marriyum Aurengzab, Minister of State for Finance Aisha Ghaus Pasha were also present there.

Miiftah said that the budget of Benazir Income Support Program (BISP) has been increased by thirty-five to forty percent. He said that flour, sugar and ghee will be provided on discounted rates at Utility Stores Corporation throughout the year.

Miftah Ismail said that tax collection target of over seven thousand billions rupees has been set for next fiscal year while non-tax revenue target has been set at two thousand billion rupees. He said the debt servicing has been estimated at 3950 billion rupees.

Finance Minister Miftah Ismail said we have imposed additional taxes on the well-off people while efforts have been made to reduce the tax on personal income tax. He said Pakistan is a dignified nuclear power state and we will have to correct the course of our economy.

Alluding to the soaring prices of palm oil in the international market, the Finance Minister said the package of 20 billion rupees have been given to promote the cultivation of oil seeds.

The Finance Minister said special emphasis is being given to bolster our exports, expressing the confidence that these will touch 35 billion Dollars mark in the next fiscal year.

In her remarks, Minister of State for Finance Aisha Ghaus Pasha said that our aim is to ensure economic stability and take the country towards the track of growth. She said the philosophy of the budget in these difficult times had been to put minimum burden on the comman man. He said we are providing relief to the common man and this includes the cash amount of two thousand rupees to the deserving families.

Aisha Ghaus Pasha said that subsidy has been given to the farmers to enhance agro productivity and cut the import bill of food items. She said reducing budget deficit and non-imposition of indirect taxes are anti-inflationary measures which were taken to protect the poor.

The Minister clarified that the salary raise of fifteen percent has been given on the pay scales of 2017 and then the ad hoc reliefs will be merged.

Abdullah Hussain

Abdullah Hussain is a staff member who writes on politics, human rights, social issues and climate change.