Govt likely to allocate Rs3.1tn for interest payments, Rs1.35tn for defence in upcoming budget

ISLAMABAD: The federal government has decided to allocate Rs3.1 trillion for interest-related payments in the upcoming budget. 

According to sources, the government had allocated Rs2.85 trillion in interest payments during the outgoing fiscal year. Sources said that the government is mulling to allocate another Rs1.35 trillion in defence budget which was Rs1.27 trillion during the outgoing year.

In addition, the government is also likely to allocate Rs500 billion for running the affairs of civil government. The government had allocated Rs485 billion during the current year under the same head.

Sources further disclosed that the government is also likely to allocate Rs1.1 trillion under the head of grants. 

Article continues after this advertisement

Moreover, the tax department has proposed that the government allocates Rs5.82 trillion as tax revenue target and around Rs2.09 trillion as non-tax revenue target for the next fiscal year. 

According to sources, it has also been decided that the government will allocate Rs660 billion as subsidies in the next fiscal year which was around Rs200 billion more than the outgoing year.

 

- Advertisement -
Shahzad Paracha
The writer is a member of Pakistan Today's Islamabad bureau. He can be reached at [email protected]

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisement -

Must Read

Local tea production to be increased to cut down imports

While addressing the golden jubilee celebrations of the Pakistan Tea Association on Saturday, Senator Talha Mahmood, chairman of the Senate Standing Committee on Finance...