Govt likely to allocate Rs700 bn for development for next fiscal year

The budget will be presented on June 10.

ISLAMABAD (Dunya News) - The federal government is expected to present a development budget of Rs 700 billion for the next fiscal year 2022-23 on June 10 in the National Assembly, Dunya News reported on Monday.

Sources privy to the development said that targets for inflation, exports, imports were set and also proposed to impose additional tax of Rs.1155 billion for the next financial year while the target of tax collection is likely to be set at Rs. 7255 billion.

It is also proposed to collect Rs 843 billion in terms of customs duty and to allocate Rs 1586 billion in defense budget while debt and interest payments are estimated Rs. 3523 billion.

Sources added that a meeting of the annual plan coordination committee has also been convened for setting economic targets which will be held on June 4. After the meeting of the Plan Coordination Committee, a meeting of the National Economic Council will be held and the NEC meeting will approve the annual development and federal plan.