Federal budget based on unrealistic assumptions, criticises Imran Khan
PTI Chairman and ex-PM Imran Khan criticised that the federal budget was based on unrealistic assumptions on inflation and economic growth.
ISLAMABAD: Pakistan Tehreek-e-Insaf (PTI) Chairman and former premier Imran Khan has criticised that the federal budget for the FY2022-23 was based on unrealistic assumptions on inflation and economic growth.
Imran Khan wrote on Twitter, “We reject this anti-people and anti-business budget presented by the imported government.
“Budget is based on unrealistic assumptions on inflation (11.5%) and economic growth (5%). Today’s SPI of 24% indicates that inflation will be between 25/30% which on the one hand will destroy the common man.”
We reject this anti people & anti business budget presented by Imported govt. Budget is based on unrealistic assumptions on inflation(11.5%) & economic growth(5%). Today’s SPI of 24% indicates that inflation will be between 25/30% which on the one hand will destroy the common man
— Imran Khan (@ImranKhanPTI) June 10, 2022
“And on the other hand retard economic growth due to high interest rates. All our progressive tax reforms and pro-poor programs such as the Sehat card and Kamyab Pakistan are being shelved. It is an unimaginative, Purana Pakistan budget creating more burdens & misery for the nation.”
Federal Budget for FY2022-23
The Pakistan Muslim League Nawaz (PML-N) government presented a budget of Rs9,502 billion in the National Assembly (NA) yesterday. 58% of the budget has been earmarked for defence and payment of loans and interest. That is, only 42% of the budget will be spent on the development and prosperity of Pakistan.
The budget for the next financial year 2022-23 was presented by Finance Minister Miftah Ismail in which Rs1,523 has been allocated for defence while Rs3,950 billion has been set aside for debt and interest payments.
Rs3439 billion was allocated for the repayment of internal debts and Rs511 billion has been set aside for the repayment of foreign loans.
In the budget 2022-23, it is proposed to set aside Rs1,523 billion for defence.
Out of Rs1,523 billion, it was recommended to allocate over Rs724 billion for the Pakistan Army, Rs323.71 billion for Pakistan Air Force (PAF) and Rs165 billion for Pakistan Navy.
Economic analysts say the major portion of the budget will be spent on debt and interest payments and defence, with the remaining 42% left over for the development and prosperity of Pakistanis who are already facing the menace of inflation and back-to-back crises.
They said the government showed that Rs5 billion was allocated for the Ramadan Package and Rs12 billion for Utility Stores Corporation (USC) which means that a total of Rs17 billion will be distributed to 220 million nationals and each citizen will get a subsidy of Rs77 per year.
Analysts said that Rs293 billion has been allocated for the Benazir Income Support Program (BISP).
