According to the statistics, electricity became 34.65 per cent, ghee 76.7 per cent, cooking oil 70.8 per cent, mustard oil 81.8 per cent, lentils 74 per cent, white gram 57 per cent and meat 26 per cent more expensive during the year.
The statistics agency, the prices of food items increased by 30% in the last financial year as compared to June 2021. Inflation increased by 21% in June 2022.
The data, fares went up by 62% and petrol by 95.7%.
According to the details, in the first two hours after the start of trading in the Pakistan stock market, the market suddenly decreased by 1598 points in the first two hours after which the 100 index reached the psychological level of 41 thousand. However, this trend continued till 12 o’clock. It further declined and the index fell to 2053 points. severe due to downturn in the market trading was canceled.
Earlier the PM took the nation into confidence in the steps taken in the budget and announced a 10 per cent tax on major industries including cement, steel, sugar oil and gas, fertilizer, LNG terminals, textiles, banking, automobile chemicals, beverages and cigarettes. That the purpose of taxing large industries is to reduce poverty.
After taking over the government we had two options, one was to reform and move towards elections while the other was to make tough decisions and support the sinking economy of the country.
According to a statement issued by the SBP, the decline in the country’s foreign exchange reserves continued last week and a decrease of 73 732.6 million has been recorded in the foreign exchange reserves.
The total foreign exchange reserves reached 14.21 billion in the week ended June 17.
State bank Reserves decreased by 74 747.6 million to 8. 8.23 billion, while reserves of commercial banks increased by 1. 1.50 million to 5. 5.97 billion.
Experts say that if Pakistan does not receive a loan from the IMF, further reduction in reserves is expected, which could further worsen the already crisis-ridden economy.
SBP’s reserves declined by 24 240 million in the week ended June 10.
Sources say that a levy of Rs. 5 per liter per month will be levied on petroleum products and this process will continue till levy of Rs. 50 is levied.
Sources said that the salaried class will be further squeezed. In the budget, one percent monthly tax was levied on income of six to twelve lakhs per annum but now it has been increased.
Two and a half per cent tax will now be levied on an annual income of Rs.
It has been decided to increase the tax collection target to Rs. 7445 billion for the new financial year while the target for customs collection will be increased from Rs. 950 billion to Rs.
The target for collection of general sales tax will be increased from 3,008 to 3,300 billion. The IMF will provide a draft agreement to Pakistan on Friday.
IMF officials say talks are underway between the government and the IMF. Details have been worked out between Pakistan and the IMF on the next budget.
According to the IMF agreement, the volume of the budget in the new financial year will reach nine thousand nine hundred billion rupees, which is about four hundred billion more than the proposed budget.
Of which 1,523 billion for defense and 808 billion for development works
3,950 billion has been allocated for the payment of interest while the tax collection is estimated at Rs. 7,004 billion. The budget proposes relief to the salaried class with increase in salaries and pensions.
A meeting of the National Assembly is underway under the chairmanship of Speaker Raja Pervez Ashraf in which Finance Minister Muftah Ismail has presented the budget.
The tax exemption limit for business people and the Association of Persons has been increased from Rs 4 lakh to Rs 6 lakh.
Each MPA of PML-N and its allies will be given Rs 500 crore development schemes.
First draft of Punjab’s development budget, it has been proposed to allocate Rs. 587 billion for the development budget of the province. Is suggested
According to the draft provincial budget, it is proposed to allocate Rs 114 billion for district development program projects in Punjab. Rs 237 billion has been proposed for mega projects while Rs 15 billion is to be allocated under private partnership. Recommended.
In addition, the total development budget of the country is proposed to be Rs 2,184 billion in which the federal development budget is 800 billion for Khyber Pakhtunkhwa 299 integrated tribal areas 50 billion Punjab 585 billion Sindh 355 and 143 billion for Balochistan provinces The APCC has proposed Rs 1384 billion development budget. Rs 91 billion will be set aside for public scheme of members of National Assembly and Rs 95 billion for Azad Jammu and Kashmir and Gilgit.
In this regard, Federal Minister for Planning Ahsan Iqbal said that next year the development budget will be 800 billion. If the government left in 2018, the development budget was 1000 billion rupees. It was a difficult task to formulate P, the recommendations of all the provinces and ministries under PSDP were reviewed in the forthcoming budget. the past development schemes were included on political grounds.
According to details, economist and former finance ministry spokesman Muzammil Aslam while talking to ARY News criticized the government and said that the outlook was negative in the previous era of PML-N. The government also strengthened the rating during Corona. In 60 days after the departure of our government, the rating became negative.
Debate has been going on for a long time that it would have been cheaper to buy oil from Russia. Two months ago, refineries in Pakistan were getting profit of Rs 10 per liter on diesel. Now refineries are getting profit of Rs 55 per liter. These refineries are in Pakistan and 55% of diesel is produced in Pakistan. Apart from profit from the people, Rs. 30 tax is being collected on diesel.
Muzammil Aslam said that the government does not know what to do. They are just looking at the global rate. The deficit on petroleum products has not been reduced yet. They also want to impose more taxes.
The government will also increase the price of electricity. The next budget day will be worse than yesterday. Pakistan’s exports have fallen by more than 10% in May.
Ex finance ministry spokesman, referring to his tenure, said that in our government, the subsidy on refineries was cut to Rs 24 per liter on petrol and Rs 41 per liter on diesel. ۔
We intended to give petrol card in Ehsas program. They ruined the program.
According to the statement NEPRA determines the tariffs of the consumers by determining the separate transmission and distribution losses of each company in respect of different profit conditions of the electricity distribution companies. The fixed tariff was transferred to the Federal Government for announcement. Is.
According to the NEPRA Act, the civil government has the right to apply for the determination of invariant tariff for all discus. After the announcement is issued by the civil government, the fixed tariff is collected from the consumers.
The NEPRA statement further said that Mepco, Pesco, Gapco, Hesco, Sepco, Casco and Tesco had applied formulti-air tariffs for the fiscal time 2020- 21 to 2024- 25. The authority had fixed the tariff for the fiscal time 2022- 23 in its opinions.
NEPRA has fixed the public average tariff at Rs24.82 per unit for the fiscal time 2022- 23, which is Rs7.91 per unit advanced than the former tariff. drop in value is due to capacity cost and increase in energy prices in the global request.
The procurement cost of energy is estimated atRs. 1152 billion, capacity cost including NTDC and HVDC is estimated atRs. 1366 billion. The total profit of Discus is estimated at around Rs.
Mepco Pesco Gapco Hesco Sepco Casco and Tesco have been allowed to invest about Rs 406 billion for investment program in distribution system in 5 times period. Has gone.