ISLAMABAD, Pakistan: The Finance Minister Miftah Ismail has said that the coalition government has taken difficult decisions keeping in view the interest of the Country.
While addressing the post-budget press conference in Islamabad on Saturday along with the Minister for Information and Broadcasting Marriyum Aurangzeb and the Minister of State for Finance Aisha Ghaus Pasha, he said that the target of next year’s budget is fiscal consolidation and provision of relief to the masses.
Miftah Ismail said that we have reduced our expenditures as well as subsidy on power and gas to reduce deficits.
However, he added that the budget of the Benazir Income Support Program (BISP) has been increased by 35 to 40 percent. Likewise, flour, sugar, and ghee will be provided on discounted rates at Utility Stores Corporation (USC) throughout the year.
The finance minister said that tax collection target of over Rs 7,000 billion has been set for the next Fiscal Year while the non-tax revenue target has been set at Rs 2,000 billion. He said that the debt servicing has been estimated at Rs 3,950 billion.
The Finance Minister Miftah Ismail said that 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 that 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 that a package of Rs 20 billion have been given to promote the cultivation of oil seeds.
The finance minister said that special emphasis is being given to bolster our exports, expressing the confidence that these will touch US$ 35 billion mark in the next Fiscal Year 2022-23.