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ISLAMABAD: The Federal and provincial development budget for the next financial year will be reduced by 18%

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It is proposed to allocate additional Rs 100 and 630 billion for the federal development program while the development budget of the provinces has been proposed to be reduced by 14% to Rs 783 billion. Sources said that the total development funds in the budget for the current financial year 1600 billion.

The GDP target for the next financial year is proposed to be 2.3%. This year the GDP growth has been negative 0.4 against the target of 3%. The target for the agricultural sector is 2.9% and the target for the industrial sector is 0.1%.

The service sector has set a target of 2.8%, set a trade deficit target of 7.1% and proposed a target of 1.6% of the current account deficit. It will be 6.5 per cent. It is also proposed to reduce government non-development expenditure.

It is also proposed to make subsidy more targeted in the next financial year. Due to lack of resources, up to Rs 1200 billion is likely to be spent this year. It is also proposed to reduce the development fund of various institutions. 371 billion will be reduced from Rs 24 billion for railways. Rs 23 billion has been proposed for Pakistan Atomic Energy Commission.

The development budget of the Ministry of Finance has been reduced from Rs 84 billion to Rs 50 billion. The development budget of the Cabinet Division has been reduced from Rs 40 billion to Rs 37.5 billion. The budget for the Higher Education Commission and Azad Kashmir Gilgit-Baltistan has been maintained at the current level. It is proposed to allocate Rs 14 billion from the crore increase.

The budget for climate change has been reduced from Rs 7.6 billion to Rs 5 billion. The Ministry of Food Security has allocated Rs 12 billion. The Ministry of Industry has allocated Rs 80 crore. The MPs have allocated Rs 24 billion for schemes for the former tribal areas. It is proposed to allocate Rs 50 billion for Dasu Dam, Rs 80 billion for Diamer-Bhasha Dam, Rs 21 billion for NHA budget reduction from Rs 155 billion to Rs 110 billion and Rs 35 billion for power projects to PEPCO.

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