What Parliamentarians Expect From Budget FY22?
This will be the second budget after the pandemic situation which outbroke last year in February and took a heavy toll on business activities and stymied them
Pakistan Tehreek-e-Insaf (PTI) government will present its third budget for the fiscal year 2021-2022 (FY22) today which is estimated to have a volume of Rs 8 trillion and the parliamentarians have divided opinions on it.
This will be the second budget after the pandemic situation which outbroke last year in February and took a heavy toll on business activities and stymied them.
The federal development budget for the next fiscal year (FY22) is projected at Rs 900 billion.
National Economic Council (NEC) settled the gross domestic product (GDP) growth at 4.8% for the next fiscal year which will be a challenge for the government to achieve post-pandemic.
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Finance Minister Shaukat Tarin told Pakistan achieved 3.94% growth during the fiscal year 2020-2021 despite it was hit by lockdowns and other negative impacts of the pandemic.
However, the minister told some 20 million people were deprived of their jobs due to the pandemic.
Pakistan’s foreign exchange reserves tremendously grew and they currently stand at $16 billion compared to just $7 billion in 2018, he added.
According to the officials, the government would aim for economic stabilization and growth, slashing non-development expenditures, and boosting exports and industry for creating jobs in FY22.
This year’s budget will also focus on socioeconomic development particularly following the pandemic situation.
The government has reiterated that the welfare of the poor would be its prime focus in the budget 2021-2022.
There will be a special focus to facilitate the Small and Medium Enterprises (SMEs).
Govt, opposition lock horns
While talking to News 360, the government officials said that the budget would be people-friendly. On the contrary, the lawmakers from opposition parties said it would add to the miseries of the people and they would try to not let it pass from the legislature.
Pakistan Tehreek-e-Insaf (PTI) MNA Riaz Fatyana said, “The country’s economy is in danger due to the coronavirus. We are trying not to impose any new tax on the people”.
The government is seriously considering providing maximum facilities to government employees and citizens, he added.
Syma Nadeem, Parliamentary Secretary of Ministry of Inter-Provincial Coordination, said that the government would focus on the development of infrastructure in the budget to be presented today.
Senator Faisal Javed expressed that the coronavirus wreaked havoc global economy but Pakistan’s smart policies were praised.
He added that there would be much ‘good news’ for the people in the budget.
PTI Senator Seemi Ezdi expressed the government would take care of everything in the budget and provide relief to the people.
Speaking to News360, PML-N spokesperson Maryam Aurangzeb commented that they do not have any good expectations from the impending budget. It would be anti-people like it was in 2019 and 2020, she added.
Further, PML-N MNA Rana Sanaullah said that showing all good in papers has become a tradition.
He opined that the government may not introduce a new tax in the budget but it would do so later.
Pakistan Peoples Party (PPP) Senator Rubina Khalid said the inflation situation in the country was getting worse and they do not have good hopes from the budget.
Abdul Akbar Chitrali, MNA of Jamaat-e-Islami (JI), said he is not expecting any significant change.