Pakistan to exceed revenue target in FY22: FM Shaukat Tarin

0
101
Pakistan to exceed revenue target in FY22: FM Shaukat Tarin I Baaghi TV

ISLAMABAD: Pakistan will exceed the revenue target set in the annual budget for the current financial year, Finance Minister Shukat Tarin said on Wednesday.

Shaukat Tarin said that revenue would hit Rs. 6.1 trillion ($3.42 billion), compared to a target of Rs. 5.8 trillion.

“Despite that, I gave the target of 5.8 trillion, I am going to hit at 6.1 trillion, and I am tracking,” he told a news conference in Islamabad.

Usman Buzdar has chalked out a roadmap of prosperous Punjab: SACM

He said a recent fuel and electricity subsidy package announced by Prime Minister (PM) Imran Khan would be partially financed with extra revenue, which may cause the fiscal deficit to slightly rise or fall.

“If due to that the deficit may go a bit 0.5% up or down, that may be,” he said.

Embattled PM Imran Khan, facing a no-confidence motion to oust him from office by opposition parties, announced a cut in petrol and electricity prices earlier this year despite a steep rise in the global oil market, pledging to freeze the new rates until the next budget in June.

The subsidy will cost around $1.5 billion, a big number for Pakistan to defend during the International Monetary Fund’s (IMF) 7th review, which already has started, of a $6 billion package agreed in 2019.

Subsidies given in the Agricultural Sector of Pakistan

The south Asian country had to undertake a fiscal tightening measures to pass its last IMF review, which was delayed by months as the government struggled to complete prior action required by the lender to release $1 billion in February.

The finance ministry had said that Pakistan was confident it will be able to defend its subsidy package during the IMF review, which Tarin also reiterated.

“We are doing it with our own revenues, which has improved. We have a space for that,” he said. “So, IMF should’t have any objections on this.”

Stay tuned to Baaghi TV for more. Download our app for the latest news, updates and interesting content!

 

Leave a reply