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Govt announces Rs 8.4 trillion budget, employees' salaries, pensions raised by 10%

Govt announces Rs 8.4 trillion budget, employees' salaries, pensions raised by 10%
June 11, 2021

ISLAMABAD (92 News) – Minister for Finance and Revenue Shaukat Tarin on Friday presented the Federal Budget 2021-22 in the National Assembly with a total outlay of Rs 8,487 billion.

National Speaker Asad Qaisar presided over the budget session. Prime Minister Imran Khan was also present in the session.

Presenting the budget, the minister said that it was a honour for him to present the budget. "The country was on the verge of bankruptcy when we assumed the power and the current account deficit was US$20," he said.

He said that the government faced the biggest challenge of saving the country from bankruptcy. "We adopted the policy of reducing the expenditures and increasing the income," he maintained.

Shaukat Tarin said that the government faced two waves of coronavirus. "During the coronavirus pandemic, 12 million families were provided financial assistance," he added.

"The target for tax and non-tax revenue is set at Rs7,909 billion. The per capita increased by 15 percent despite the coronavirus pandemic. "We have overcome the current account deficit. A record increase of 25% has been made in remittances. We face the challenge of inflation," he declared. The minister said that exports witnessed a 14 percent increase.

He announced that the total outlay of the budget had been kept at Rs8,478 billion and had set the tax collection target at Rs5,829 billion.

Speaking about the various allocations made by the government, Tarin said Rs480bn had been allotted for pensions payments of both civilians and retired military officers.

He said the defence budget of the country had been allocated Rs1,370bn while the government had earmarked Rs1,168 for development and non-development grants for provinces.

He said the government had allocated Rs682bn for subsidies to various sectors of the economy, adding that Rs479bn had been allocated to run the civil government. Tarin said the government was serious in stemming the spread of the coronavirus and keeping its adverse effects at bay, adding that the government had set aside Rs100bn for it.  He said the federal PSDP had been allocated Rs964 billion.

The government announced a 10 percent increase in the salaries and pensions of the employees. The minimum wages of the labourers have been fixed at Rs 20 percent.

Funds allocated

  • Rs260 billion for Ehsaas programme
  • Rs900 billion for public sector development programmes, which has been increased by 40%
  • Rs 12b billion for agriculture
  • Rs 23 billion for Diamer and Bhasha dams
  • Rs 14 billion for Neelum-Jhelum hydro-power plant.
  • Rs489.393 million Narcotics Division
  • Rs 6,027.351 million for Law and Justice Division schemes
  • Rs 4461.911 million for Maritime Affairs
  • Rs244 billion for Gwadar airport and highway
  • Rs25 billion for small dams in Sindh
  • Rs118 billion for energy and power projects
  • Rs22 billion for Jamshoro coal power plant
  • Rs16 billion for KI, KII projects in Karachi and Tarbela power plant
  • Rs100 billion for special development packages for development of poorer cities
  • Rs54 billion for the development of KP’s merged districts
  • Rs14 billion for tree plantation programmes and combatting climate change
  • Rs739bn for Karachi transformation plan
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