ISLAMABAD: The National Assembly (NA) will have a critical session today to submit the government budget for the fiscal year 2022-23 (FY 2022-23).
According to reports, the current administration plans to propose the budget at 4 p.m. today in the NA session, which will be chaired by the Speaker. Miftah Ismail, the Finance Minister, will propose the budget for the next fiscal year before the House.
According to sources familiar with the situation, the budget was created with the present economic problems on the national and international fronts in mind.
Due to the potential for a commotion, strong security measures will be implemented both inside and outside Parliament House during the key session, with extra police and Rangers stationed outside the House to prevent probable demonstrations by members of the Pakistan Tehreek-e-Insaf (PTI).
Read more: Imran Khan said the Economic Survey proves Pakistan was on the right track under the PTI’s reign.
The administration claims to create a pro-people, business-friendly federal budget for 2022-23, despite the country’s escalating economic crisis, which was prompted by an increase in gasoline and gas prices.
On Thursday, Minister for Finance and Revenue Miftah Ismail unveiled the important budgetary document ‘Pakistan Economic Survey 2021-22,’ calling the 5.97 percent GDP growth rate in the previous fiscal year unsustainable and stating that the country needed to stabilize the economy before moving toward sustainable growth.
During a news conference after the release of the economic survey, the minister said that the growth rate was calculated using the new base year. “The GDP (gross domestic product) growth rate would have been lower if it had been based on the old base year.”
According to Miftah, the coalition administration had to make difficult choices to preserve the nation from default in order to simplify the economy. “We have managed to escape an impending default” by making the painful choice to raise fuel prices by Rs 60 per liter. Now we’ll go on to the stage of stability, and ultimately to the stage of long-term development.”