Staff Report
ISLAMABAD:
The size of federal budget for financial year (FY) 2021-22 would approximately be Rs 8000 billion and the government is likely set economic growth target of 4.8 percent for upcoming fiscal year.
As per details, total size of the economy currently stands at Rs 52057 billion and the government is expected to set economic growth target of 4.8 percent for next financial year. Similarly, during the next FY2021-2022, government may pay around Rs 3060 billion as debt and interest payment while fiscal deficit is estimated to be around Rs 2915 billion which will be around 5.6% of the Gross Domestic Product (GDP). Likewise, the government is likely to set public spending target of Rs 900 billion, provincial spending target for the provinces will be around Rs 1000 billion and the volume of subsidies is expected to be set at Rs 530 billion for FY2021-2022.
Sources further informed that defence spending target is likely to be set at Rs 1400 billion and revenue collection target will be set at Rs 5820 for FY 2021-22 while non-tax collection target is likely to be Rs 1420 billion for FY 2021-2022.
