The federal ministries and divisions have sought allocations of over Rs2,500 billion for the development budget from the government, citing sources, ARY News reported on Sunday.
Sources within the federal government said that the development funds will be allocated in view of the financial capacity. Sources close to the planning ministry said that the government is waiting for the budget sealing by the finance ministry for the development allocations.
Sources added that budget recommendations will be finalised after the finance ministry’s budget sealing, however, the exact allocations sought by the ministries and divisions will not be granted.
It emerged that the federal government allocated Rs800 billion funds for the development budget.
In another development today, the Annual Plan Coordination Committee (APCC) meeting was summoned for the preparation of the federal budget 2023-24 on May 23, ARY News reported on Sunday.
Read more: FISCAL YEAR 2023-24 FEDERAL BUDGET LIKELY ON JUNE 09/10
As per details, Federal Minister of Planning and Development Ahsan Iqbal will head the APCC meeting for the preparation of the annual budget 2023-24.
Sources said that the meeting will finalize the annual budget 2023-24 and Rs 900 billion has been allocated for the PSD. The committee will also approve the annual plan for the next fiscal year.
Pakistan Business Forum (PBF) has sent the budget 2023-24 suggestions to Finance Ministry, which stated that the ministry should refrain from imposing new taxes in the next budget.
They maintained that the budget should be friendly for the business community and agriculture. The super tax should also be abolished, the PBF added.
Furthermore, the government should also make efforts for business-friendly policies. The rise in power tariff, gas and petroleum has slowed down the pace of the economy, PBF said.
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