The Finance Ministry has finalised the federal budget for the year 2015-16 with emphasis on providing relief to the masses and a record allocation of Rs 580 billion for Public Sector Development Programme (PSDP).
Ministry has unveiled that Finance Minister Senator Ishaq Dar will present the budget on June 5. As customary, the Economic Survey would be launched a day earlier as on June 4.According to reports overall size of the budget would be Rs 4,272 billion. Revenue receipts are estimated at Rs 3,100 billion and deficit will be Rs 1,330 billion, which will be 4.3 percent of the budget. Rs 772 billion to be allocated for defence, Rs 131 billion for debt and debt servicing, Rs 155 billion for subsidies, Rs 107 billion for Benazir Income Support Programme and Rs 260 billion for China-Pakistan Economic Corridor (CPEC).
Although Prime Minister Nawaz Sharif while presiding over a budget meeting had ordered Dar to make the budget growth oriented and people friendly, but few promises of the government have not been fulfilled despite in government for over two years. Prior to coming into power PML N pledged to uplift the budget share to four percent for education sector, but it seems highly unlikely that government fulfill its pledge.
The civil servants on the other hand have been pressing for revision in their pay scales, as about four to five ad hoc relief provided by the previous and incumbent governments have not merged in the pay scales. Government officials are making tall claims that financial affairs of the state are on right track than why petroleum prices have been increased when they are on decline in the international market.
It is a worrying sign that major economic targets of the fiscal year 2015 have been found unachieved. Agricultural, industrial, tax collection and export targets have not been achieved too.