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Federal Budget 2016-17: Fiscal deficit to be brought down to 3.8pc

ISLAMABAD: The Finance Minister explaining budget strategy for the next financial year in the National Assembly said fiscal deficit would be brought down from the existing 4.3 to 3.8% next year.

He said there would be continued focus on energy sector and more than 10,000 MW of additional electricity would be added to the national grid by March 2018.

After 2018, work would continue on several projects including Dassu, Diamer Bhasha dam and projects under CPEC to generate 21500 MW of electricity.

The Finance Minister announced an increase in allocations for Benazir Income Support Programme from the existing 102 billion rupees to 115 billion rupees for the next financial year.

Revenue

The tax revenue target set in the 2016/17 budget is 3.621 trillion, whereas the non-tax revenue target has been set at 0.960 trillion. The budget deficit target for FY 2016/17 has been set at 3.8% of the Gross Domestic Product (GDP).

Expenditure

Defense

The Defense budget for FY 2016/17 is Rs. 959.5 billion, an increase of over Rs. 150 billion allocated to defense in the previous fiscal year.

Health

In the budget for FY 2016/17, Rs. 29 billion have been set aside for Health, compared to Rs. 11 billion allocated for health sector expenditures in the previous fiscal year.

He said 5.3 million families would be benefitting from the programme by the close of the current financial year and the number of these families would increase to 5.6 million during next year.

He said allocations for Pakistan Baitul Mal have been doubled to four billion rupees.

 

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