Annual Budget Statement
The Annual Budget Statement is part of the federal budget for FY 2022-23. This page reproduces the text of its 54 PDF pages, extracted automatically from the official PDF published by the Finance Division, Government of Pakistan.
This text was extracted automatically from the PDF's text layer. Tables may lose their column alignment, and a page with no text layer is marked rather than guessed. Check the official PDF before relying on any figure.
Page 1
FEDERAL
BUDGET
2022-23
ANNUAL
BUDGET
STATEMENT
Government of Pakistan
Finance Division
IslamabadPage 2
No text layer on this page, see the official PDF.
Page 3
Preface
The Annual Budget Statement containing estimated receipts
and expenditure in terms of Article 80(1) of the Constitution of Islamic
Republic of Pakistan 1973 is being laid before the National Assembly of
Pakistan for financial year 2022-23, which will also be transmitted to the
Senate of Pakistan as required under Article 73(1).
The statement fulfils the requirements of Article 80(2) of the
Constitution, showing separately the charged expenditures and other
expenditures to be made from the Federal Consolidated Fund. It also
distinguishes expenditure on revenue account from other expenditure.
Section 4 of the Public Finance Management Act, 2019
provides that the Federal Government shall lay before National Assembly,
Annual Budget Statement including a statement of the purpose and
estimates for each demand for grant, statement of contingent liabilities of the
Federal Government and statement of fiscal risk. Moreover, as per Section 8
of the Act, a statement of estimated tax expenditure of the Federal
Government shall be laid before the National Assembly. All these statements
have been made part of Annual Budget Statement.
Furthermore, under Sections 5 and 10 of the Fiscal
Responsibility and Debt Limitation Act, 2005, a Medium Term Budgetary
Statement and Statements of Responsibility are also required to be laid
before National Assembly, which have also been made part of the Annual
Budget Statement.
The actual reconciled data will be finalized and made available
on the web site of Finance Division by September, 2022.
Hamed Yaqoob Sheikh
Secretary to the Government of Pakistan
Finance Division
Islamabad, the 10th June, 2022Page 4
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Page 5
CONTENTS PAGE
I. Summary of Receipts …………………………………………………………………………. 1
II. Revenue Receipts ………………………………………………………………………… 2 - 3
III. Capital Receipts …………………………………………………………………………. 4
IV. External Receipts ………………………………………………………………………… . 5
V. Public Account Receipts ……………………………………………………………………… 6 - 8
VI. Summary of Expenditure …………………………………………………………………… . 9
VII. Current Expenditure on Revenue Account ……………………………………………… 10 - 12
VIII. Current Expenditure on Capital Account …………………………………………………. 13
IX. Development Expenditure on Revenue Account ………………………………………… 14 - 15
X. Development Expenditure on Capital Account ………………………………………… . 16
XI. Capital Expenditure …………………………………………………………………………. 17
XII. Public Account Expenditure ……………………………………………………………… 18 - 21
XIII. Estimated Charged and Other Expenditure
met from Federal Consolidated Fund ……………………………………………………. 22
XIV. Statement of Purpose………………………………………………………………………… . 23
XV. Demand for Grants and Appropriations for Expenditure 2022-23
Demand-Wise Expenditure (Schedule-I) ……………………………………………… 27 - 31
XVI. Demand for Grants and Appropriations for Expenditure
2021-22 and 2022-23 Object-Wise Classification (Schedule-II) ……………………………. 32
XVII. Statement of Contingent Liabilities……………………………………………… 33 - 36
XVIII. Statement of Fiscal Risk………………………………………………………….. 37 - 42
XXI Statement of Estimated Tax Expenditure………………………………………………… 43
XIX. Medium Term Budgetary Statement 2022-23 to 2024-25.......…………….. 44 - 46
XX Statements of Responsibility……………………………………………………… 47 - 48Page 6
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Page 7
SUMMARY OF RECEIPTS
Federal receipts are categorized as Revenue Receipts, Capital Receipts, Public Account Receipts and External Receipts.
All these receipts, except Public Account Receipts become part of the the Federal Consolidated Fund.
As per Section 22 of the Public Finance Mangement Act, 2019, the operation of the Federal Consolidated Fund and the
Public Account of the Federation vests in the Finance Division.
(Rs in million)
Budget Revised Budget
Object
Description Estimates Estimates Estimates Code
2021-22 2021-22 2022-23
A-Revenue Receipts - Federal Consolidated
Fund
B 1 Tax Revenue Receipts 5,829,000 6,050,000 7,470,000
FBR Taxes 5,829,000 6,050,000 7,470,000
Direct Taxes 2,182,000 2,234,000 3,039,000
Indirect Taxes 3,647,000 3,816,000 4,431,000
C 2 Non-Tax Revenue Receipts 2,079,965 1,315,149 1,934,896
B03 Levies and Fees 29,503 29,888 35,151
C01 Income from Property and Enterprise 265,839 300,078 279,647
C02 Receipts from Civil Administration etc 684,105 508,646 354,044
C03 Miscellaneous Receipts 1,100,518 476,536 1,266,053
3 Total Revenue Receipts (1+2) 7,908,965 7,365,149 9,404,896
E 4 Capital Receipts 1,439,879 2,507,711 2,375,059
E02 Recovery of Loans and Advances 273,352 305,697 253,576
E03 Domestic Debt Receipts (Non Bank) - Net 1,166,527 2,202,015 2,121,483
5 Total Internal Receipts (3+4) 9,348,845 9,872,860 11,779,955
6 External Receipts 2,747,792 3,928,105 5,546,338
Loans 2,693,338 3,776,249 5,503,470
Grants 31,636 32,917 29,463
Project Loans & Grants 22,817 118,939 13,404
7 Total Internal and External Receipts (5+6) 12,096,636 13,800,965 17,326,292
B - Public Account of Federation Net Receipts
8 Public Account Receipts 74,195 (244,564) (125,197)
Deferred Liabilities (Net) 58,137 (273,001) (128,865)
Deposit and Reserves (Net) 16,059 28,437 3,669
9 Gross Federal Resources (7+8) 12,170,832 13,556,401 17,201,096
10 Less Provincial Share in Federal Taxes 3,411,858 3,541,368 4,372,565
11 Net Federal Resources (9-10) 8,758,974 10,015,033 12,828,531
12 Cash Balance Surplus by the Provinces 570,000 570,000 750,000
13 Privatization Proceeds 252,000 - 96,410
14 Credit from Banking Sector 681,336 1,129,203 93,179
15 Total-Resources (11+12+13+14) 10,262,309 11,714,236 13,768,120Page 8
REVENUE RECEIPTS
Revenue Receipts constitute major component of total Federal resources. Revenue Receipts may be categorized as Tax
Revenue Receipts and Non-Tax Revenue receipts, which are largely derived from the following sources:-
Tax Revenue
Tax Revenue is administered by the Federal Board of Revenue (FBR), which comprises Customs Duty and Inland
Revenue i.e Direct Taxes, Sales Tax and Federal Excise Duty. FBR taxes may also be categorized as Direct Taxes and
Indirect Taxes. Direct Taxes comprise Income Tax, Capital Value Tax, WWF (Ordinary Collection) and WPPF
(Contribution under Companies Profit). Indirect Taxes include Sales Tax, Federal Excise Duty and Customs Duty. A
snapshot of Budget Estimates is as under;
(Rs in million)
Budget Revised Budget
Object
Description Estimates Estimates Estimates Code
2021-22 2021-22 2022-23
B Tax Revenue
FBR Taxes 5,829,000 6,050,000 7,470,000
B01 i.Direct Taxes 2,182,000 2,234,000 3,039,000
B011 Taxes on Income 2,169,321 2,221,217 3,024,076
B017-18 Capital Value Tax (CVT) 445 440 515
B01501 WWF (Ordinary Collection) 5,868 5,951 6,947
B01502 WPPF(Contribution under Companies Profit) 6,366 6,392 7,462
B02 ii.Indirect Taxes 3,647,000 3,816,000 4,431,000
B020-22 Customs Duties 785,000 817,000 953,000
B023 Sales Tax 2,506,000 2,655,000 3,076,000
B024-25 Federal Excise 356,000 344,000 402,000
1 Total Tax Revenue (i+ii) 5,829,000 6,050,000 7,470,000Page 9
REVENUE RECEIPTS
Non-Tax Revenue
As per Section 2(a) of the Public Finance Management Act, 2019 (amended), Non-Tax Revenue means revenues
received by the Government in terms of clause (1) of Article 78 of the Constitution and the recurring income of the
Government from investments and provision of services but does not include those mentioned in clause (3) of Article 160
of the Constitution. Non-Tax Revenue of the federal government is administered by various Ministries / Divisions/
Departments. Budget Estimates are as under;
(Rs in million)
Budget Revised Budget
Object
Description Estimates Estimates Estimates Code
2021-22 2021-22 2022-23
C Non Tax Revenue
a) Levies and Fees 29,503 29,888 35,151
Mobile Handset Levy 9,000 8,000 10,000
Receipts of ICT Administration 20,453 21,838 25,098
Airport Fee (CAA) 50 50 53
C01 b) Income from Property and Enterprise 265,839 300,078 279,647
C01008 Surplus Profit of PTA 4,000 3,500 9,000
C01008 PTA (License Renewal Fees) 45,436 100,000 50,000
C01012 Regulatory Authorities (Surplus Profit) 508 571 695
C012-18 Mark up Receipts 125,532 125,751 139,652
C012 Mark up Receipts (Provinces) 35,532 35,751 39,652
C013-18 Mark up Receipts ( PSEs & Others) 90,000 90,000 100,000
C019 Dividend 90,363 70,257 80,300
C02 c) Receipts from Civil Administration
and Other Functions 684,105 508,646 354,044
C021-24 General Administration Receipts 7,114 7,042 13,621
C02211 Surplus Profit of State Bank of Pakistan 650,000 474,000 300,000
C025 Defence Services Receipts 20,274 20,085 30,222
C026 Law and Order Receipts 2,695 2,958 3,850
C027 Community Services Receipts 2,538 2,990 3,847
C028-29 Social Services 1,485 1,571 2,504
C03 d) Miscellaneous Receipts 1,100,518 476,536 1,266,053
C031-35 Economic Services Receipts 2,980 19,970 25,971
C036 Foreign Grants (Budgetary Support) 20,000 20,000 25,000
C03897 Nationalization, Passport and Others 35,000 25,000 35,000
C03901 Petroleum Levy 610,000 135,000 855,000
C03902 Natural Gas Development Surcharge 36,000 30,000 40,000
C03905 Royalty on Crude Oil 35,000 40,000 46,000
C03906 Royalty on Natural Gas 65,000 60,000 70,000
C03910 Discount Retained on Local Crude Price 20,000 16,000 20,000
C03915 Windfall Levy against Crude Oil 10,000 12,000 10,000
C03916 Gas Infrastructure Development Cess 130,000 25,000 30,000
C03917 Petroleum Levy on LPG 7,600 5,000 8,000
Others (Details in "Explanatory Memorandum" Book) 128,938 88,566 101,082
C 2 Total Non-Tax Revenue (a+b+c+d) 2,079,965 1,315,149 1,934,896
3 Total Revenue Receipts (1+2) 7,908,965 7,365,149 9,404,896Page 10
CAPITAL RECEIPTS
Capital receipts comprise Recoveries of Loans and Advances from Provinces and other entities and Public Debt which
includes Permanent Debt and Floating Debt. The net capital receipts so realized by the federal government generally
constitute the available resources for the financing of its Public Sector Development Programme. Budget Estimates are as
under;
(Rs in million)
Budget Revised Budget
Object
Description Estimates Estimates Estimates Code
2021-22 2021-22 2022-23
E02 I. Recoveries of Loans and Advances 273,352 305,697 253,576
E021 Provinces 95,361 99,674 243,576
E022-27 PSEs and Others 177,990 206,023 10,000
E03 II. Total Domestic Debts Receipts (a+b) 22,783,874 22,034,168 21,775,851
E031 a) Permanent Debt Receipts 3,657,981 4,711,064 4,394,622
Pakistan Investment Bonds (Bank) 746,685 1,239,323 1,584,556
Pakistan Investment Bonds (Non Bank) 1,681,296 1,716,741 1,580,066
Premium Prize Bonds (Registered) 30,000 30,000 30,000
Ijara Sukuk Bonds 1,200,000 1,725,000 1,200,000
E032 b) Floating Debt Receipts 19,125,893 17,323,104 17,381,229
Prize Bonds 10,418 24,635 25,516
Treasury Bills 19,115,475 17,298,469 17,355,713
E 4 Capital Gross Receipts (I+II) 23,057,226 22,339,865 22,029,427
Domestic Debt Receipts (i+ii) 22,783,874 22,034,168 21,775,851
Domestic Debt Repayment (page-17) 21,617,347 19,832,154 19,654,368
Net Domestic Debt Receipts 1,166,527 2,202,015 2,121,483
5 Total Federal Internal Gross Receipts (3+4) 30,966,191 29,705,014 31,434,323Page 11
EXTERNAL RECEIPTS
External Resources comprise loans and grants received from multilateral, bilateral and other sources for approved
projects, programmes and other initiatives. Budget Estimates are as under;
(Rs in million)
Budget Revised Budget
Description Estimates Estimates Estimates
2021-22 2021-22 2022-23
I Loans 2,693,338 3,776,249 5,503,470
Project Loans (PSDP) 259,943 239,465 266,537
Federal 93,713 105,048 56,602
Provincial 166,231 134,417 209,935
Programme Loans 438,195 656,092 1,243,141
Other Loans 1,995,200 2,880,692 3,993,792
Islamic Development Bank 160,000 232,225 223,200
Saudi Arabia (Oil Facility) - 70,000 148,800
Saudi Arabia (Time Deposit) - 530,250 558,000
Euro Bond/International Sukuk 560,000 342,544 372,000
China Safe Deposits (Bilateral) - 700,000 744,000
Commercial Banks 779,200 821,923 1,389,792
IMF Loan for Budgetary Support 496,000 183,750 558,000
II Grants 31,636 32,917 29,463
Project Grants (PSDP) 31,636 32,917 29,463
Federal (PSDP) 6,287 12,422 3,398
Provincial (PSDP) 25,349 20,494 26,065
a. External Receipts (I +II) 2,724,974 3,809,166 5,532,933
b. Project Loans & Grants (Others) 22,817 118,939 13,404
Loans 22,139 115,418 12,907
Grants 678 3,521 498
6 Total External Receipts (a +b) 2,747,792 3,928,105 5,546,338Page 12
PUBLIC ACCOUNT RECEIPTS
Article 78(1) of the Constitution of Islamic Republic of Pakistan provides that all revenues received by the Federal
Government, all loans raised by that Government and all moneys received by it in repayment of loan, shall form part of the
Federal Consolidated Fund. Article 78(2) provides that all other monies received by or on behalf of the Federal
Government shall be credited into the Public Account of the Federation. Therefore, all the monies received by or on
behalf of the Federal Government in terms of Article 78(2) are Public Account receipts which are not revenues in terms of
Article 78(1) of the Constitution. However, such Public Account receipts cannot be operated without establishment of
Special Purpose Funds, deposits, reserves etc under the authority of an act of the Parliament or with the approval of the
Federal Government. Moreover, as per Section 32 of the Public Finance Management Act, 2019, special purpose funds, in
which monies have been appropriated by the National Assembly shall be established under any law or with the approval of
the Federal Government. There are two sources of Public Account Receipts as under;
National Savings Schemes
National Savings Schemes include Savings bank accounts, Defence Savings Certificates, Special Savings Certificates,
Pension Benefit Accounts, Behbood Savings Certificates etc.
(Rs in million)
Budget Revised Budget
Object
Description Estimates Estimates Estimates
Code
2021-22 2021-22 2022-23
i. G111 Investment Deposit Accounts (Savings
Schemes) 939,866 1,173,239 1,095,660
G11101 Savings Bank Accounts 320,427 446,174 421,167
G11106 Defence Savings Certificates 59,798 52,626 50,317
G11111 Special Savings Certificates (Registered) 51,480 99,468 54,215
G11112 Special Savings Accounts 71,409 141,307 77,816
G11113 Regular Income Certificate 124,458 119,616 115,580
G11126 Pension Benefit Accounts 94,370 86,815 82,544
G11127 Behbood Saving Certificates 172,903 215,208 219,002
G11130 Shuhada Welfare Account 20 25 20
New Savings Schemes 30,000 - 60,000
Short Term Savings Certificates 15,000 12,000 15,000
ii. G061 Provident Fund 47,000 49,596 45,311
1 Gross Public Account Receipts ( i+ii ) 986,866 1,222,835 1,140,970
Gross Public Account Expenditure (Page-18) 928,730 1,495,837 1,269,836
Net Public Account Receipts 58,137 (273,001) (128,865)
Contd…..Page 13
PUBLIC ACCOUNT RECEIPTS
Deposits and Reserves
Deposits and Reserves represent all monies forming part of the Public Account of the Federation as per Article 78(2) of the
Constitution of Islamic Republic of Pakistan. Budget estimates of receipts in the following table are however subject to
fulfillment of following stipulations; (i) The funds appropriated by the National Assembly out of Federal Consolidated Funds
in terms of Articles 80 to 84 of the Constitution for a particular financial year (being lapsable) shall be utilized as per Cash
Management and TSA Rules 2020 and shall not be deposited under these deposits and reserves heads of account (being
non-lapsable) under the Public Account. (ii) The maintenance and operation of all these funds, deposits, reserves etc shall
be subject to their due establishment either under the authority of an act of Parliament or with the approval of the Federal
Government, as the case may be.(iii) Revenues in terms of Article 78(1) of the Constitution shall not be deposited in these
deposits and reserves heads of account under the Public Account. The revenues shall only be deposited in the respective
heads of account of tax revenue and non tax revenue. (iv) Receipt of funds into these deposits and resreves heads of
account shall only be allowed by the Accounting Offices subject to compliance of the stipulations at (i) to (iii) above and to
the extent of reconciled available balance under the respective head of account.
(Rs in million)
Budget Revised Budget Object
Description Estimates Estimates Estimates
Code 2021-22 2021-22 2022-23
G Deposits and Reserves
FGE Benevolent Funds 1,425 1,429 1,501
G06202 Civil 1,199 1,283 1,347
G06205 Pakistan Post Office Deptt. 200 83 87
G06206 Pak PWD 5 45 47
G06209 National Saving 12 12 13
G06210 Pakistan Mint 4 2 2
G06212 Geological Survey of Pakistan 5 5 5
Group Insurance Fund 667 579 608
G06409 Civil 387 394 414
G06410 Defence 265 181 190
G07104 Fed. Govt. Empl. Group Insur. Fund 15 4 4
Federal Pension Fund - - 10,000
G12803 Federal Pension Fund Receipts - - 10,000
Defence 4,472 2,562 2,690
G06203 F,G Employees Benevolent Fund (Defence) 1,899 2,562 2,690
G11224 Deposits Accounts with Defence 2,572 - -
Pakistan Post Office Department 198,340 47 48
G07101 Post Office Renewal Reserve Fund 50 25 25
G07102 Post Office Welfare Fund 37 22 23
G07106 Pakistan Post Office Miscellaneous 198,253 - -
Pak PWD 19,007 59,901 62,896
G10101 Pak PWD Receipts & Collection Account 931 609 639
G10113 Pak PWD Deposits 18,076 59,293 62,257
Arts - - 2,000
Artist Assistance Fund (Information) - - 1,000
Film Finance Fund - - 1,000
G Deposits and Reserves 311,254 425,370 30,824
Miscellaneous Funds
12,863G06304 Workers Welfare Fund 18,533 13,506
1,921G12150 PM Relief Fund for IDPs 2014 3,926 2,017
77G12157 PM COVID-19 Pandemic relief Fund 2020 929 81
G12205 Pakistan Minorities Welfare Fund 21 54 57
G12206 Special Fund for Welfare & Uplift of Minorities 92 69 72Page 14
PUBLIC ACCOUNT RECEIPTS
Deposits and Reserves
(Rs in million)
Budget Revised Budget
Object
Description Estimates Estimates Estimates Code
2021-22 2021-22 2022-23
G Deposits and Reserves
Miscellaneous Funds
G12226 Federal Govt. Artists Welfare Fund (Heritage) 4 0 0
G12305 Export Development Fund 894 - -
G12308 Reserve Fund for Exch. Risk on Foreign Loans 2,847 213 223
G12412 Pakistan Oil Seed Development Fund 134 146 153
G12419 Research and Development Fund 1,885 2,295 2,349
G12421 SCP Diamer Basha and Mohmand Da\m Fund 4 0 0
G12738 National Fund for Control of Drug Abuse 36 33 34
G12783 Universal Service Fund 5,946 6,850 7,100
Miscellaneous Deposit and Reserve Accounts
G14100 Pakistan Mint - 405 1,570
G10104 Mint Receipt and Collection Account 94 50 60
G10102 Foreign Office Receipts
& Collection Account 7,625 14,232 -
G10106 Deposit Works of Survey of Pakistan 46 251 -
G10107 Deposits of Deptt. of Mineral Dev. - 72 -
G10304 Zakat Collection Account 2,153 2,379 -
G11215 Revenue Deposits 10,295 3,586 -
G11216 Civil & Criminal court Deposits 46 720 -
G11217 Personal Deposits 60,367 79,380 -
G11220 Deposit in connection with Election 92 3 -
G11225 Deposits Accounts with AGPR 372 199 -
G11230 Special Remitances Deposits 5,251 754 -
G11240 Security Deposits of Cashiers etc. 386 46 -
G11255 Defence Services Security Deposits. 3,857 3,995 -
G11256 Defence Services Misc Deposits 177,999 271,540 -
G11280 Withholding Tax on Profit from
N.S.Schemes 6,786 18,426 -
G11281 Deposits on account of free realized
by PNAC 59 51 -
G11290 Security Deposits of Firms/Contractors 237 198 -
G12713 Income Tax deduction from Salaries 21 55 -
G12714 Income Tax deduction from Controctors
/Suppliers 108 218 -
G12741 Federal Civil Servant's subscription to
Services Book Club 11 14 -
G12777 Sales Tax deduction special procedure,2007 17 25 -
G13127 Grants and T.A from US Government 140 698 -
G13140 GSP Receipt & Collection Account 31 41 -
Other 11 3,509 3,600
2 Gross Receipts (Deposits and Reserves) 535,165 489,888 110,567
Exp. Deposit and Reserves (page-21) 519,107 461,450 106,898
Net Deposit and Reserves Receipts 16,059 28,437 3,669
3 Gross Receipts (1+2) 1,522,032 1,712,723 1,251,537
Gross Expenditure 1,447,836 1,957,287 1,376,734
7 PUBLIC ACCOUNT NET RECEIPTS 74,195 (244,564) (125,197)Page 15
SUMMARY OF EXPENDITURE (Current & Dev)
In this table, the Budget Estimates of current expenditure (on revenue and capital account) and Budget Estimates of
Development expenditure (on revenue and capital accounts) have been mentioned as per Article 80(2) of the Constitution
of Pakistan.
(Rs in million)
Budget Revised Budget
Function
Description Estimates Estimates Estimates Code
2021-22 2021-22 2022-23
Current Expenditure
a. Current Exp. on Revenue Account 7,523,248 8,388,798 8,707,970
01 General Public Services 5,435,201 5,633,043 6,245,478
02 Defence Affairs and Services 1,373,275 1,483,922 1,566,698
03 Public Order and Safety Affairs 178,511 191,491 209,161
04 Economic Affairs 114,201 453,050 182,369
05 Environment Protection 436 452 749
06 Housing and Community Amenities 34,597 5,463 7,850
07 Health 28,352 154,889 19,582
08 Recreation, Culture and Religion 11,414 13,422 15,424
09 Education Affairs and Services 91,970 90,861 90,556
10 Social Protection 255,292 362,205 370,103
b. Current Exp. on Capital Account 1,601,211 2,516,227 4,036,273
011 Foreign Loans Repayment 1,427,592 2,336,594 3,792,401
011 Repayment of Short Term Foreign Credits 74,405 95,006 142,772
014 Transfers 99,214 84,627 101,101
1 Total Current Expenditure (a + b) 9,124,459 10,905,025 12,744,243
Development Expenditure
c. Dev. Exp. on Revenue Account 599,080 392,888 491,190
d. Dev. Exp. on Capital Account 538,770 416,322 532,686
2 Total Development Expenditure (c+d) 1,137,850 809,211 1,023,877
Grand Total - Expenditure (1+2) 10,262,309 11,714,236 13,768,120
3 Break-up of Expenditure
Revenue Account (a+c) 8,122,328 8,781,686 9,199,160
Capital Account (b+d) 2,139,981 2,932,549 4,568,960Page 16
Current Expenditure on Revenue Account
(Rs in million)
Budget Revised Budget
Function
Description Estimates Estimates Estimates
Code
2021-22 2021-22 2022-23
01 General Public Service 5,435,201 5,633,043 6,245,478
011 Executive & Legislative Organs,
Financial & Fiscal Affairs, External Affairs 4,235,254 4,468,621 5,227,252
Debt Servicing 3,059,681 3,143,566 3,950,062
Servicing of Foreign Debt 302,506 373,183 510,972
Servicing of Domestic Debt 2,757,176 2,770,383 3,439,090
Superannuation Allowances & Pensions 480,000 540,000 609,000
Others (Details are in "Demands for Grants" books.) 695,573 785,055 668,190
012 Foreign Economic Aid 3,305 2,063 2,289
014 Transfers 1,149,251 1,103,167 953,616
Provinces 213,350 200,850 188,700
Others (Details are in "Budget in Brief" book.) 935,901 902,317 767,916
015 General Services 10,619 16,803 15,528
016 Basic Research 6,413 7,159 7,643
017 Research & Dev. General Public Services 16,744 19,396 21,002
018 Admn. of General Public Service 3,827 5,863 6,289
019 Gen. Public Services not elsewhere defined 9,788 9,971 11,860
02 Defence Affairs and Services 1,373,275 1,483,922 1,566,698
021 Defence Services 1,370,000 1,480,245 1,563,000
A01 Employees Related Expenses 481,592 560,223 607,494
A03 Operating Expenses 327,136 356,323 368,915
A09 Physical Assets 391,499 389,555 411,157
A12 Civil Works 169,773 174,144 175,434
025 Defence Administration 3,275 3,677 3,698
03 Public Order and Safety Affairs 178,511 191,491 209,161
031 Law Courts 7,974 8,398 9,256
032 Police & Civil Armed Forces 165,153 177,553 190,265
033 Fire Protection 290 290 309
034 Prison Administration and Operation 48 44 44
035 R&D Public Order and Safety 56 65 56
036 Administration of Public Order 4,990 5,142 9,231
Contd…..Page 17
Current Expenditure on Revenue Account
(Rs in million)
Budget Revised Budget
Function
Description Estimates Estimates Estimates
Code
2021-22 2021-22 2022-23
04 Economic Affairs 114,201 453,050 182,369
041 Gen. Eco., Commercial & Labour Affairs 31,054 39,572 38,744
042 Agri., Food, Irrigation, Forestry & Fisheries 14,098 16,090 16,907
043 Fuel and Energy 20,770 341,890 71,926
044 Mining and Manufacturing 2,278 2,277 2,290
045 Construction and Transport 26,700 32,653 30,241
046 Communications 18,916 19,672 20,836
047 Other Industries 384 396 224
048 Research & Development Economic Affairs - 500 1,201
05 Environment Protection 436 452 749
054 Research & Development Environment - - 187
055 Administration of Environment Protection 436 452 562
06 Housing and Community Amenities 34,597 5,463 7,850
061 Housing Development 30,720 510 969
062 Community Development 3,877 4,953 6,881
07 Health 28,352 154,889 19,582
071
Medical Products, Appliances and Equipments 31 31 31
073 Hospital Services 23,982 25,163 14,857
074 Public Health Services 849 126,205 1,001
076 Health Administration 3,489 3,490 3,692
Contd…..Page 18
Current Expenditure on Revenue Account
(Rs in million)
Budget Revised Budget
Function
Description Estimates Estimates Estimates
Code
2021-22 2021-22 2022-23
08 Recreation, Culture and Religion 11,414 13,422 15,424
081 Recreational and Sporting Services 1,042 1,042 1,434
082 Cultural Services 934 893 1,215
083 Broadcasting and Publishing 7,677 7,779 8,002
084 Religious Affairs 1,185 1,169 1,210
086 Admn. of Information, Recreation & Culture 574 2,539 3,563
09 Education Affairs and Services 91,970 90,861 90,556
091 Pre-Primary and Primary Education Affairs
and Services 3,021 3,021 3,786
092 Secondary Education Affairs and Services 7,632 6,299 8,863
093 Tertiary Education Affairs and Services 78,195 8,278 74,609
094 Education Services Not definable by Level - - 140
095 Subsidiary Services to Education 317 319 219
096 Administration 1,915 2,028 2,010
097 Education Affairs & Services not
Elsewhere Classified 890 891 928
10 Social Protection 255,292 362,205 370,103
107 Administration 2,018 104,275 2,072
108 Others 815 1,222 1,411
109 Social Protection (Not elsewhere classified) 252,460 256,708 366,620
a. Current Expenditure on Revenue Account 7,523,248 8,388,798 8,707,970Page 19
Current Expenditure on Capital Account
(Rs in million)
Budget Revised Budget
Function
Description Estimates Estimates Estimates
Code
2021-22 2021-22 2022-23
01 General Public Service 1,601,211 2,516,227 4,036,273
011 Foreign Loans Repayment 1,427,592 2,336,594 3,792,401
011 Repayment of Short Term Foreign Credits 74,405 95,006 142,772
014 Transfers 99,214 84,627 101,101
Federal Misc. Investments and Other Loans and 99,214 84,627 101,101 Advances by the Fed. Govt.
b. Current Expenditure on Capital Account 1,601,211 2,516,227 4,036,273
I. Total Current Expenditure (a+b) 9,124,459 10,905,025 12,744,243Page 20
Development Expenditure on Revenue Account
(Rs in million)
Budget Revised Budget
Function
Description Estimates Estimates Estimates
Code
2021-22 2021-22 2022-23
01 General Public Service 330,916 169,784 232,450
011 Executive & Legislative Organs, Financial
& Fiscal Affairs, External Affairs 5,181 2,725 5,426
014 Transfers 169,940 144,577 204,806
015 General Services 101,162 3,669 11,003
016 Basic Research 13,318 3,640 9,380
017 Research & Dev. General Public Services 1,967 393 611
019 General Public Services not elsewhere
defined 39,349 14,779 1,225
02 Defence Affairs and Services 3,192 3,201 3,914
021 Defence Division 1,400 1,895 1,714
025 Defence Administration 1,792 1,306 2,200
03 Public Order and Safety Affairs 8,720 5,110 4,245
031 Law Courts 6,001 2,390 1,814
032 Police and Civil Armed Forces 2,492 2,623 2,268
036 Administration of Public Order 226 96 162
04 Economic Affairs 152,405 102,457 168,922
041 Gen. Eco. Commercial and Labour Affairs 2,955 1,203 1,569
042 Agri., Food, Irrigation, Forestry & Fisheries 102,742 85,565 101,046
043 Fuel and Energy 19,764 1,901 8,509
044 Mining and Manufacturing 80 80 808
045 Construction and Transport 23,142 10,812 55,231
046 Communications 3,679 2,854 1,760
047 Other Industries 43 43 -
05 Environment Protection 14,327 9,573 9,600
055 Administration of Environment Protection 14,327 9,573 9,600
06 Housing and Community Amenities 13,304 3,006 4,794
062 Community Development 13,304 3,006 4,794
Contd…..Page 21
Development Expenditure on Revenue Account
(Rs in million)
Budget Revised Budget
Function
Description Estimates Estimates Estimates Code
2021-22 2021-22 2022-23
07 Health 21,748 13,321 12,701
073 Hospital Services 12,816 7,588 6,295
074 Public Health Services 2,715 1,887 2,894
076 Health Administration 6,216 3,847 3,512
08 Recreation, Culture and Religion 4,647 1,399 4,966
081 Recreation and Sporting Services 3,735 824 3,472
082 Cultural Services 10 3 161
83 Broadcasting and Publishing 902 572 1,333
09 Education Affairs and Services 47,570 83,667 48,327
091 Pre-Primary & Primary Edu. Affairs & Services 18 5 9
092 Secondary Edu. Affairs & Services 475 4 7
093 Tertiary Edu. Affairs & Services 44,619 81,907 45,779
095 Subsidiary Services to Education 721 262 746
097 Education Affairs & Services not
Elsewhere Classified 1,736 1,489 1,786
10 Social Protection 2,252 1,369 1,273
107 Administration 1,600 992 750
108 Others 53 20 23
109 Social Protection (Not elsewhere classified) 599 357 500
c. Dev. Exp. on Revenue Account 599,080 392,888 491,190Page 22
Development Expenditure on Capital Account
(Rs in million)
Budget Revised Budget
Function
Description Estimates Estimates Estimates
Code
2021-22 2021-22 2022-23
01 General Public Service 499,818 397,133 508,766
014 Transfers 472,618 369,933 482,486
017 Research and Dev. General Public
Services 27,200 27,200 26,280
04 Economic Affairs 38,901 19,152 23,820
041 Gen. Eco., Commercial and Labour Affairs 70 208 300
043 Fuel and Energy 3,180 948 1,181
044 Mining and Manufacturing 2,916 1,701 2,850
045 Construction and Transport 30,299 15,084 16,963
046 Communications 2,436 1,211 2,526
08 Recreation Culture and Religion 51 37 100
083 Broadcasting and Publishing 51 37 100
d. Dev. Expenditure on Capital Account 538,770 416,322 532,686
II. Total Development Expenditure (c+d) 1,137,850 809,211 1,023,877
III. Total Exp. (Current+Development) 10,262,309 11,714,236 13,768,120Page 23
CAPITAL EXPENDITURE
The expenditure incurred on repayment of domestic debt is termed as Capital Expenditure.
(Rs in million)
Budget Revised Budget
Object
Description Estimates Estimates Estimates Code
2021-22 2021-22 2022-23
A101 i. Domestic Permanent Debt 1,683,486 1,690,102 2,424,356
Pakistan Investment Bonds (Bank) 746,685 1,239,323 1,584,556
Pakistan Investment Bonds (Non Bank) 930,158 437,679 832,206
Foreign Exchange Bearer Certificates 5 1 5
Foreign Currency Bearer Certificates 5 1 5
US Dollar Bearer Certificates 3 0 3
Special US Dollar Bonds 50 40 50
Premium Prize Bonds (Registered) 5,000 11,000 5,000
Pakistan Banao Certificate (3-years) 1,581 1,649 2,150
Pakistan Banao Certificate (5-years) - 409 308
Foreign Assets (D and R) Act, 2018 (FADRA) - - 73
A104 ii. Floating Debt 19,933,861 18,142,051 17,230,011
Prize Bonds 250,403 105,226 8,219
Treasury Bills 19,500,000 17,859,000 17,198,000
Bai-Maujjal Ijara Sukuk Bonds 183,158 177,825 23,792
Ways and Means Advances 300 - -
A10 IV. Total Public Debt Repayment (i+ii) 21,617,347 19,832,154 19,654,368
V. Total - Federal Consolidated Fund
Disbursement (III+IV) 31,879,656 31,546,389 33,422,488Page 24
PUBLIC ACCOUNT EXPENDITURE
National Savings Schemes
The expenditure incurred on repayment of National Savings Schemes is termed as Public Account Expenditure.
(Rs in million)
Budget Revised Budget
Object
Description Estimates Estimates Estimates Code
2021-22 2021-22 2022-23
i. G111 Investment Deposit Accounts (Savings
Schemes) 873,730 1,418,604 1,209,396
G11101 Savings Bank Accounts 332,976 437,185 414,100
G11103 Khas Deposit Accounts 5 5 5
G11104 Mahana Amadni Accounts 70 70 70
G11106 Defence Savings Certificates 50,440 63,249 60,671
G11108 National Deposit Certificates 1 1 1
G11109 Khaas Deposit Certificates 1 1 1
G11111 Special Savings Certificates (Registered) 88,807 227,767 154,892
G11112 Special Savings Accounts 123,193 315,960 214,867
G11113 Regular Income Certificate 63,293 92,435 88,573
G11126 Pensionery Benefits 52,379 65,405 61,521
G11127 Behbood Saving Certificate 129,560 202,514 189,688
G11130 Shauhda Welfare Account 5 11 7
New Savings Schemes 3,000 - 5,000
Short Term Savings Certificates (STSC) 30,000 14,000 20,000
ii. G061 Provident Fund 55,000 77,233 60,440
1 Total Expenditure ( i+ii ) 928,730 1,495,837 1,269,836
Contd….Page 25
PUBLIC ACCOUNT EXPENDITURE
Deposits and Reserves
Deposits and Reserves represent all monies forming part of the Public Account of the Federation as per Article 78(2) of the
Constitution of Islamic Republic of Pakistan. Budget estimates of Expenditure (withdrawal of funds) from the Deposits and
Reserves as depicted in the following table are however subject to fulfillment of following stipulations;(i) The maintenance
and operation of all these funds, deposits, reserves etc shall be subject to their due establishment either under the
authority of an act of Parliament or with the approval of the Federal Government, as the case may be.(ii) Withdrawal of
funds from these deposits and resreves heads of account shall only be allowed by the Accounting Offices subject to
compliance of the stipulations at (i) above and to the extent of reconciled available balance under the respective head of
account. (iii) There shall be no authority of directed access to Central Account No.1 (Non Food) in SBP.(iv) Withdrawal of
funds from these Deposits and Reserves head of accounts shall be in accordance with the provisions of Public Finance
Management Act, 2019, Cash Management and Treasury Single Account Rules 2020 and the Special Assignment
Account Procedure for the Public Account of the Federation 2021.
(Rs in million)
Budget Revised Budget
Object
Description Estimates Estimates Estimates
Code
2021-22 2021-22 2022-23
G Deposits and Reserves
FGE Benevolent Funds 3,290 3,555 3,733
G06202 Civil 1,191 1,174 1,233
G06203 FG Employees Benevolent Fund (Defence) 1,885 2,239 2,350
G06205 Pakistan Post Office Deptt. 189 84 88
G06206 Pak PWD 5 40 42
G06209 National Saving 12 12 12
G06210 Pakistan Mint 4 2 2
G06212 Geological Survey of Pakistan 4 4 4
Group Insurance Fund 687 571 599
G06401 PAK PWD - 4 4
G06404 National Saving - 3 3
G06405 Pakistan Mint - 0.1 0.1
G06407 Geological Survey of Pakistan - 2 2
G06408 Provincial Govt. Empl. B. Fund - 0.01 0.01
G06409 Civil 393 395 415
G06410 Defence 267 164 172
G07104 Fed. Govt. Empl. Group Insur. Fund 28 3 3
Defence 2,598 147 155
G11224 Deposits Accounts with Defence 2,598 147 155
Federal Pension Fund - - 10,000
G12803 Federal Pension Fund - - 10,000
Pakistan Post Office Department 197,606 29 30
G07101 Post Office Renewal Reserve Fund 24 25 25
G07102 Post Office Welfare Fund 35 4 5
G07106 Pakistan Post Office Miscellaneous 197,546 - -
Pak PWD 18,953 46,110 48,416
G10101 Pak PWD Receipts & Collection Account 474 608 639
G10113 Pak PWD Deposits 18,479 45,502 47,777
Arts - - 2,000
Artist Assistance Fund - - 1,000
Film Finance Fund - - 1,000
Contd…..Page 26
PUBLIC ACCOUNT EXPENDITURE
Deposits and Reserves
(Rs in million)
Budget Revised Budget
Object
Description Estimates Estimates Estimates
Code
2021-22 2021-22 2022-23
G Deposits and Reserves 295,973 411,038 41,966
Miscellaneous Funds
G06304 Workers Welfare Fund 12,539 12,600 13,230
G06315 Judicial Officers Welfare Fund - 0.1 0.1
G12140 PM Flood relief Fund 2010 - 0.01 0.01
G12150 PM Relief Fund for IDPs 2014 3,932 1,921 2,017
G12157 PM COVID-19 Pandemic relief Fund 2020 7 38 40
G12205 Pakistan Minorities Welfare Fund 27 59 62
G12206 Special Fund for Welfare & Uplift
of Minorities 67 79 83
G12226 Federal Govt. Artists Welfare Fund 5 25 27
G12305 Export Development Fund 715 2,794 2,934
G12308 Reserve Fund for Exch. Risk on
Foreign Loans 1 - -
G12412 Pakistan Oil Seed Development Fund 2 - -
G12419 Reserch & Development Fund 1,061 1,500 2,000
G12421 SCP Diamer Bhasha and Mohmand
Dam Fund 8 - -
G12612 Fund for Urdu Science Board - 1 1
G12712 Trust Interest Fund(Charitable Endowment) - 2 3
G12722 Other Miscellaneous Fund - 0.02 0.03
G12783 Universal Service Fund 6,570 15,500 20,000
Miscellaneous Deposit and Reserve Accounts
G14100 Pakistan Mint - 213 1,570
G10104 Mint Receipt and Collection Account 82 - -
G10102 Foreign Office Receipts & Collection
Account 5,473 19,192 -
G10106 Deposit Works of Survey of Pakistan 24 38 -
G10107 Deposits of Deptt. of Mineral Dev. 132 -
G10304 Zakat Collection Account 2,993 1,123 -
G11215 Reveue Deposits 10,213 3,795 -
G11216 Civil & Criminal court Deposits 32 31 -
G11217 Personal Deposits 55,856 56,950 -
G11218 Forest Deposits - 20 -
G11220 Deposit in connection with Election 55 1 -
G11225 Deposits Accounts with AGPR 357 155 -
G11230 Special Remitances Deposits 4,397 721 -
Contd…..Page 27
PUBLIC ACCOUNT EXPENDITURE
Deposits and Reserves
(Rs in million)
Budget Revised Budget
Object
Description Estimates Estimates Estimates
Code
2021-22 2021-22 2022-23
G Deposits and Reserves
G11237 Deposits of local bodies to meet Claims
of contractors 0.01 -
G11240 Security Deposits of Cashiers etc. 54 597 -
G11255 Defence Services Security Deposits. 2,554 3,074 -
G11256 Defence Services Misc Deposits 181,762 271,540 -
G11276 Security Deposits of Private Companies - 73 -
G11278 Contribution to Housing Foundation
by Members - 0.6 -
G11280 Withholding Tax on Profit from
N.S.Schemes 6,736 18,426 -
G11281 Deposits on account of free realized
by PNAC 55 74 -
G11290 Security Deposits of Firms/Contractors 243 39 -
G12713 Income Tax deduction from Salaries 22 49 -
Income Tax deduction fromG12714 78 187 - Controctors/Suppliers
G12741 Federal Civil Servant's subscription
to Services Book Club 9 14 -
G12777 Sales Tax deduction special
procedure, 2007 13 34 -
G13140 GSP Receipt & Collection Account 23 39 -
Others 5 - -
Total Deposits and Reserves 519,107 461,450 106,898
Total Public Account Expenditure 1,447,836 1,957,287 1,376,734Page 28
STATEMENT OF ESTIMATED CHARGED AND VOTED EXPENDITURE
In terms of Article 80(2) of the Constitution of Pakistan, this statement distinguishes charged and voted expenditure.
(Rs in million)
Budget Revised Budget
Estimates Estimates Estimates
Description
2021-22 2021-22 2022-23
I. Expenditure on Revenue Account 8,122,328 8,781,686 9,199,160
Current 7,523,248 8,388,798 8,707,970
Development 599,080 392,888 491,190
Total-Authorized Expenditure 8,122,328 8,781,686 9,199,160
Charged 4,530,774 5,230,774 7,792,352
Voted 3,591,554 3,550,912 1,406,808
II. Expenditure on Capital Account 23,757,328 22,764,703 24,223,328
Current 23,218,557 22,348,381 23,690,641
Development 538,770 416,322 532,686
Total Authorized Expenditure 23,757,328 22,764,703 24,223,328
Charged 21,929,602 21,563,754 20,094,016
Voted 1,827,726 1,200,949 4,129,312
III. Total Expenditure met from Federal
Consolidated Fund 31,879,656 31,546,389 33,422,488
Current Expenditure 30,741,806 30,737,178 32,398,611
Development Expenditure 1,137,850 809,211 1,023,877
IV. Total-Authorized Expenditure 31,879,656 31,546,389 33,422,488
Charged - Total 26,460,376 26,794,528 27,886,368
Voted - Total 5,419,280 4,751,861 5,536,120Page 29
Statement of Purpose - Demands for Grants
This statement is being provided in compliance with section 4 of the Public
Finance Management Act, 2019. Based on the policy priorities of the Federal
Government, the “Demands for Grants” cater towards debt servicing of
domestic and foreign loans and advances, for expenditures to be incurred on
re-current and development activities, re-vitalize sustainable economic
growth, focus on health, education and provide jobs through various
programs.
With the continued challenges being faced by the Country to balance
sustainability of economic growth during the post COVID-19 pandemic period
and other difficulties because of Ukraine war, the government’s policy priority
is focusing on providing relief to people and ensuring that low income
segment of society are affected through various interventions. Such
interventions include Benazir Income Support Program, targeted subsidies
on essential food items, cash assistance, electricity subsidies etc.
To generate economic activity and to provide employment and
business activities, government will provide loans to youth on
favorable terms.
Hamed Yaqoob Sheikh
Secretary to the Government of Pakistan
Finance Division
Islamabad, the 10th June, 2022Page 30
No text layer on this page, see the official PDF.
Page 31
STATEMENT OF DEMANDS FOR GRANTS AND APPROPRIATIONS FOR
EXPENDITURE MET FROM THE FEDERAL CONSOLIDATED
FUND FOR THE FINANCIAL YEAR COMMENCING ON
IST JULY, 2022 AND ENDING ON
30TH JUNE, 2023Page 32
No text layer on this page, see the official PDF.
Page 33
Demand-Wise Expenditure for Budget Estimates 2022-23
(Rs. in million)
Demand Budget Estimates 2022-23
Ministries / Divisions
No. Charged Voted Total
1 AVIATION DIVISION 2,227 2,227
2 AIRPORTS SECURITY FORCE 10,196 10,196
3 CABINET 282 282
4 CABINET DIVISION 2,563 2,563
5 EMERGENCY RELIEF AND 393 393
6 INTELLIGENCE BUREAU 10,313 10,313
7 ATOMIC ENERGY 13,794 13,794
8 PAKISTAN NUCLEAR REGULATORY
AUTHORITY 1,409 1,409
9 NAYA PAKISTAN HOUSING
DEVELOPMENT AUTHORITY 969 969
10 PRIME MINISTER'S OFFICE (INTERNAL) 465 465
11 PRIME MINISTER'S OFFICE (PUBLIC) 528 528
12 NATIONAL DISASTER MANAGEMENT
AUTHORITY 631 631
13 BOARD OF INVESTMENT 378 378
14 PRIME MINISTER'S INSPECTION
COMMISSION 61 61
15 SPECIAL TECHNOLOGY ZONE
AUTHORITY 914 914
16 ESTABLISHMENT DIVISION 6,203 6,203
17 FEDERAL PUBLIC SERVICE
COMMISSION 1,085 1,085
18 NATIONAL SCHOOL OF PUBLIC POLICY 2,409 2,409
19 CIVIL SERVICES ACADEMY 949 949
20 NATIONAL SECURITY DIVISION 143 143
21 COUNCIL OF COMMON INTEREST
SECRETARIAT 135 135
22 CLIMATE CHANGE DIVISION 601 601
23 COMMERCE DIVISION 5,262 5,262
24 COMMUNICATIONS DIVISION 204 204
OTHER EXPENDITURE OF 25 22,392 22,392 COMMUNICATIONS DIVISION
26 PAKISTAN POST OFFICE DEPARTMENT 10 15,709 15,719
27 DEFENCE DIVISION 4,299 4,299
28 FEDERAL GOVERNMENT EDUCATIONAL
INSTITUTIONS IN CANTONMENTS AND
GARRISONS 8,976 8,976
29 DEFENCE SERVICES 1,563,000 1,563,000
30 DEFENCE PRODUCTION DIVISION 916 916
31 ECONOMIC AFFAIRS DIVISION 681 681
MISCELLANEOUS EXPENDITURE OF 32 ECONOMIC AFFAIRS DIVISION 12,979 12,979
33 POWER DIVISION 355,368 355,368
34 PETROLEUM DIVISION 71,675 71,675
Contd............Page 34
Demand-Wise Expenditure for Budget Estimates 2022-23
(Rs. in million)
Demand Budget Estimates 2022-23
Ministries / Divisions
No. Charged Voted Total
35 GEOLOGICAL SURVEY OF PAKISTAN 1,157 1,157
36 FEDERAL EDUCATION AND PROFESSIONAL
TRAINING DIVISION 20,747 20,747
37 HIGHER EDUCATION COMMISSION
(HEC) 66,025 66,025
38 NATIONAL REHMATUL -LIL-ALAMEEN 140 140
AUTHORITY
39 NATIONAL VOCATIONAL & TECHNICAL
469 469 TRAINING COMMISSION (NAVTTC)
40 NATIONAL HERITAGE AND CULTURE 2,438 2,438
DIVISION
2,610 2,610 41 FINANCE DIVISION
42 OTHER EXPENDITURE OF FINANCE 5,468 5,468
DIVISION
9,497 9,497 43 CONTROLLER GENERAL OF ACCOUNTS
44 SUPERANNUATION ALLOWANCES AND 3,458 605,542 609,000
PENSIONS
45 GRANTS SUBSIDIES AND 22,000 1,057,430 1,079,430
MISCELLLANEOUS 57 57 46 REVENUE DIVISION
34,398 34,398 47 FEDERAL BOARD OF REVENUE
2,284 2,284 48 FOREIGN AFFAIRS DIVISION
49 FOREIGN MISSIONS 50 25,007 25,057
50 HOUSING AND WORKS DIVISION 5,916 5,916
51 HUMAN RIGHTS DIVISION 1,658 1,658
52 INDUSTRIES AND PRODUCTION DIVISION 33,631 33,631
53 FINANCIAL ACTION TASK FORCE (FATF) SECRETARIAT 80 80
54 INFORMATION AND BROADCASTING 2,822 2,822 DIVISION
55 MISCELLANEOUS EXPENDITURE OF
INFORMATION AND BROADCASTING
DIVISION 6,674 6,674
56 INFORMATION TECHNOLOGY AND
TELECOMMUICATION DIVISION 8,048 8,048
57 INTERIOR DIVISION 12,041 12,041
58 OTHER EXPENDITURE OF INTERIOR
DIVISION 6,614 6,614
59 ISLAMABAD CAPITAL TERRITORY (ICT) 13,979 13,979
60 COMBINED CIVIL ARMED FORCES 162,670 162,670
61 NATIONAL COUNTER TERRORISM
AUTHORITY 269 269
62 INTER-PROVINCIAL COORDINATION
DIVISION 2,099 2,099
63 KASHMIR AFFAIRS AND GILGIT
BALTISTAN DIVISION 1,142 1,142
64 LAW AND JUSTICE DIVISION 312 5,774 6,087
65 FEDERAL JUDICIAL ACADEMY 221 221
66 FEDERAL SHARIAT COURT 521 521
67 COUNCIL OF ISLAMIC IDEOLOGY 196 196
68 NATIONAL ACCOUNTABILITY BUREAU 5,233 5,233
Contd............Page 35
Demand-Wise Expenditure for Budget Estimates 2022-23
(Rs. in million)
Demand Budget Estimates 2022-23
Ministries / Divisions
No. Charged Voted Total
69 DISTRICT JUDICIARY, ISLAMABAD
CAPITAL TERRITORY 774 774
70 MARITIME AFFAIRS DIVISION 1,178 1,178
71 NARCOTICS CONTROL DIVISION 3,635 3,635
72 NATIONAL ASSEMBLY 2,708 3,453 6,161
73 THE SENATE 2,349 1,397 3,746
74 NATIONAL FOOD SECURITY AND
RESEARCH DIVISION 9,303 9,303
75 PAKISTAN AGRICULTURAL RESEARCH
COUNCIL 5,738 5,738
76 NATIONAL HEALTH SERVICES,
REGULATIONS AND COORDINATION
DIVISION 19,304 19,304
77 OVERSEAS PAKISTANIS AND HUMAN
RESOURCE DEVELOPMENT DIVISION 1,880 1,880
78 PARLIAMENTARY AFFAIRS DIVISION 482 482
79 PLANNING, DEVELOPMENT AND 6,159 6,159 SPECIAL INITIATIVES DIVISION
80 CPEC AUTHORITY 131 131
81 POVERTY ALLEVIATION AND SOCIAL
SAFETY DIVISION 2,202 2,202
82 BENAZIR INCOME SUPPORT PROGRAME
(BISP) 364,078 364,078
83 PAKISTAN BAIT-UL-MAL 6,040 6,040
84 PRIVATIZATION DIVISION 237 237
85 RAILWAYS DIVISION 45,315 45,315
86 RELIGIOUS AFFAIRS AND INTER-FAITH
HARMONY DIVISION 1,285 1,285
87 SCIENCE AND TECHNOLOGY DIVISION 11,612 11,612
88 STATES AND FRONTIER REGIONS
DIVISION 787 787
89 WATER RESOURCES DIVISION 2,064 2,064
90 FEDERAL MISCELLANEOUS
INVESTMENTS & OTHER LOANS AND
ADVANCES 101,101 101,101
91 DEVELOPMENT EXPENDITURE OF
AVIATION DIVISION 2,485 2,485
92 DEVELOPMENT EXPENDITURE OF
CABINET DIVISION 71,366 71,366
93 DEVELOPMENT EXPENDITURE OF
ESTABLISHMENT DIVISION 425 425
94 DEVELOPMENT EXPENDITURE OF
SUPARCO 7,395 7,395
95 DEVELOPMENT EXPENDITURE OF
CLIMATE CHANGE DIVISION 9,600 9,600
96 DEVELOPMENT EXPENDITURE OF
COMMERCE DIVISION 1,174 1,174
97 DEVELOPMENT EXP OF
COMMUNICATIONS DIVISION 9,250 9,250
98 DEVELOPMENT EXPENDITURE OF
DEFENCE DIVISION 2,232 2,232
99 DEVELOPMENT EXPENDITURE OF
SURVEY OF PAKISTAN 500 500
100 DEVELOPMENT EXPENDITURE OF
DEFENCE PRODUCTION DIVISION 2,200 2,200
Contd............Page 36
Demand-Wise Expenditure for Budget Estimates 2022-23
(Rs. in million)
Demand Budget Estimates 2022-23
Ministries / Divisions
No. Charged Voted Total
101 DEVELOPMENT EXPENDITURE OF
POWER DIVISION 7,953 7,953
102 DEVELOPMENT EXPENDITURE OF
FEDERAL EDU. & PROFESSIONAL TR.
DIVISION 3,140 3,140
103 DEVELOPMENT EXPENDITURE OF
HIGHER EDUCATION COMMISSION 44,179 44,179
104 DEVELOPMENT EXPENDITURE OF
NATIONAL VOCATIONAL & TECHNICAL
TRAINING COMMISSION (NAVTTC) 4,100 4,100
105 DEVELOPMENT EXPENDITURE OF
NATIONAL HERITAGE & CULTURE
DIVISION 550 550
106 DEVELOPMENT EXPENDITURE OF
FINANCE DIVISION 1,660 1,660
107 OTHER DEVELOPMENT EXPENDITURE 134,806 134,806
108 DEVELOPMENT EXPENDITURE OF
REVENUE DIVISION 3,189 3,189
109 DEVELOPMENT EXPENDITURE OF
HUMAN RIGHTS DIVISION 185 185
110 DEVELOPMENT EXPENDITURE OF
INFORMATION & BROADCASTING
DIVISION 1,333 1,333
111 DEVELOPMENT EXPENDITURE OF
INFORMATION TECHNOLOGY AND
TELECOMMUNICATION DIVISION 6,331 6,331
112 DEVELOPMENT EXPENDITURE OF
INTERIOR DIVISION 9,093 9,093
113 DEVELOPMENT EXPENDITURE OF INTER
PROVINCIAL COORDINATION DIVISION 3,472 3,472
114 DEVELOPMENT EXPENDITURE OF LAW
AND JUSTICE DIVISION 1,814 1,814
115 DEVELOPMENT EXPENDITURE OF
NARCOTICS CONTROL DIVISION 208 208
116 DEVELOPMENT EXPENDITURE OF
NATIOANAL FOOD SECURITY AND
RESEARCH DIVISION 10,129 10,129
117 DEVELOPMENT EXPENDITURE OF
NATIONAL HEALTH SERVICES,
REGULATION & COORDINATION
DIVISION 12,651 12,651
118 DEVELOPMENT EXPENDITURE OF
PLANNING, DEVELOPMENT AND
SPECIAL INITIATIVES DIVISION 41,677 41,677
119 DEVELOPMENT EXPENDITURE OF
POVERTY ALLEVIATION & SOCIAL
SAFETY DIVISION 500 500
120 DEVELOPMENT EXPENDITURE OF
SCIENCE & TECHNOLOGY DIVISION 5,716 5,716
121 DEVELOPMENT EXPENDITURE OF
WATER RESOURCES DIVISION 91,878 91,878
122 CAPITAL OUTLAY ON DEVELOPMENT OF
ATOMIC ENERGY 25,991 25,991
123 CAPITAL OUTLAY ON DEVELOPMENT OF
PAKISTAN NUCLEAR REGULATORY
AUTHORITY 290 290
124 CAPITAL OUTLAY ON PETROLEUM
DIVISION 1,481 1,481
125 CAPITAL OUTLAY ON FEDERAL
INVESTMENTS 205 205
Contd............Page 37
Demand-Wise Expenditure for Budget Estimates 2022-23
(Rs. in million)
Demand Budget Estimates 2022-23
Ministries / Divisions
No. Charged Voted Total
126 DEVELOPMENT LOANS AND ADVANCES
BY THE FEDERAL GOVERNMENT 104,103 104,103
127 EXTERNAL DEVELOPMENT LOANS AND
ADVANCES BY THE FEDERAL
GOVERNMENT 296,877 49,717 346,594
128 CAPITAL OUTLAY ON CIVIL WORKS 15,060 15,060
CAPITAL OUTLAY ON INDUSTRIAL 129
DEVELOPMENT 2,850 2,850
CAPITAL OUTLAY ON MARITIME AFFAIRS 130 DIVISION 3,465 3,465
CAPITAL OUTLAY ON PAKISTAN 131 RAILWAYS 32,648 32,648
STAFF HOUSEHOLD & ALLOWANCES OF
THE PRESIDENT(PUBLIC) 411 411
STAFF HOUSEHOLD & ALLOWANCES OF
THE PRESIDENT(PERSONAL) 645 645
SERVICING OF FOREIGN DEBT 510,972 510,972
FOREIGN LOANS REPAYMENT 3,792,401 3,792,401
REPAYMENT OF SHORT TERM FOREIGN
CREDITS 142,772 142,772
AUDIT 6,096 6,096
SERVICING OF DOMESTIC DEBT 3,439,090 3,439,090
REPAYMENT OF DOMESTIC DEBT 19,654,368 19,654,368
SUPREME COURT 3,091 3,091
ISLAMABAD HIGH COURT 1,122 1,122
ELECTION 6,289 6,289
FEDERAL OMBUDSMAN SECRETARIAT
FOR PROTECTION AGAINST
HARRASMENT OF WOMEN AT WORK
PLACE 100 100
WAFAQI MOHTASIB 943 943
FEDERAL TAX OMBUDSMAN 306 306
TOTAL 27,886,369 5,536,119 33,422,488Page 38
STATEMENT OF OBJECT CLASSIFICATION WISE EXPENDITURE
Rs. In million
Budget Revised Budget
Object
Description Estimates Estimates Estimates
Code
2021-22 2021-22 2022-23
A01 Total Employees Related Expenses 785,244 879,735 954,057
A011 Pay 142,480 143,732 147,526
A011-1 Pay of Officer 48,628 47,942 50,721
A011-2 Pay of Other Staff 93,851 95,790 96,805
A012 Allowances 642,765 736,004 806,532
A012-1 Regular Allowances 622,361 714,795 783,694
A012-2 Other Allowances (Excluding TA) 20,404 21,209 22,838
A02 Project Pre-investment Analysis 2,838 1,441 3,935
A03 Operating Expenses 876,486 909,101 971,094
A04 Employees Retirement Benefits 486,520 546,779 617,278
A05 Grants, Subsidies & Write off Loans 2,238,126 2,513,644 2,056,072
A06 Transfers 17,039 119,952 11,910
A07 Interest Payment 3,059,701 3,143,586 3,950,072
A08 Loans and Advances 518,828 436,285 511,583
A09 Physical Assets 430,706 420,637 451,423
A10 Principal Repayments of loans 23,119,418 22,263,829 23,589,550
A11 Investments 64,853 21,616 81,498
A12 Civil Works 273,092 282,595 213,360
A13 Repairs and Maintenance 6,805 7,189 10,656
TOTAL EXPENDITURE 31,879,655 31,546,390 33,422,488Page 39
STATEMENT OF CONTINGENT LIABILITIES
Contingent liabilities of Pakistan are primarily guarantees
issued on behalf of Public Sector Enterprises (PSEs). The sovereign
guarantee is normally extended to improve financial viability of projects or
activities undertaken by the government entities with significant social and
economic benefits. It allows public sector companies to borrow money at
lower costs or on more favorable terms and in some cases allows to fulfil the
requirement where sovereign guarantee is a precondition for concessional
loans from bilateral/multilateral agencies to sub-sovereign borrowers.
2. The volume of new government guarantees issued during a financial year
is limited under Fiscal Responsibility and Debt Limitation Act, 2005 (as
amended from time to time) which stipulates that the government shall give
guarantees aggregating to an amount not exceeding two percent of the GDP
in any financial year including those for rupee lending, rate of return, outright
purchase agreements and other claims and commitments provided the
renewal of existing guarantees shall be considered as issuing a new
guarantee.
3. During July to March FY 2022, the government issued
fresh/rollover guarantees/Letter of Comforts (LoCs) aggregating to Rs 344
billion or 0.5 percent of GDP. Total executed guarantees were Rs 3,039
billion while outstanding stock was Rs 2,700 billion at end March 2022 as per
the following details:Page 40
Table-1: Summary of Outstanding Government Guarantees
(All figures are Rs in billion unless otherwise stated)
Outstanding Total
Guarantees Guarantees
1,587 1,778 Domestic
External 1,113 1,262
Total 2,700 3,039
Memo:
External (US$ in million) 6,066 6.876
Exchange Rate (Pak Rupee/US Dollar) 183 183
4. Sector-Wise, Entity Wise and interest rate wise share of the
guarantees at end March 2022 are as follows:
Table 2: Outstanding Position of GoP Guarantees
Rs in
% Age
billion
Sector Wise Breakup
Total Outstanding Stock 2,700 100%
- Power Sector 2,103 78%
- Aviation 230 9%
- Manufacturing & Mining 111 4%
- Financial 91 3%
45 2% - Oil & GasPage 41
120 4% - Others
Entity Wise Breakup
Total Outstanding Stock 2,700 100%
- PHL 860 32%
- PAEC 941 35%
- PIACL 230 9%
- Sindh Engro 74 3%
- NTDC 55 2%
- Others 540 20%
Interest Rate Type
Total Outstanding Stock 2,700 100%
- Floating Rate 1,673 62%
- Fixed Rate 1,026 38%
Note: The original maturities of major portion of Guaranteed Debt Stock were 5
years and above
5. Guarantees issued against commodity operations are not included
in the stipulated limit of 2 percent of GDP as the loans are secured against the
underlying commodity and are essentially self-liquidating. These guarantees are
issued against the commodity financing operations undertaken by TCP,
PASSCO, and provincial governments. The outstanding stock of commodity
operations was Rs 845 billion at end March 2022.
6. The estimates of guarantees to be issued from April 2022 till June
2023 are as follows:Page 42
Table 3: Estimated Guarantees Issuance and Position (Q4 FY 22 and FY 23)
(Rs in billion)
A Opening Guaranteed Debt Position (31-03-2022) 3,039
B New Guarantees to be Issued (Q4 FY 22 & FY23) 664
- Public Private Partnership (PPP) 124
- National Transmission and Dispatch Company (NTDC) 40
- Jamshoro 10
- Pakistan International Airline (PIA) 20
- WAPDA 84
- Exim Bank 5
- SSGC 15
- Misc/Contingencies 25
Others
- Kamyab Pakistan Program (KPP) 70
- Kamyab Jawan (YES) & Other SBP Schemes 57
- Pak Mortgage Refinance Scheme 30
- Others 185
Estimated Repayments against Existing Guaranteed
C
Loans 244
D=B-C Net Issuance of Guarantees (Q4 FY 22 & FY23)
420
Estimated Closing Guaranteed Debt Position (30-06-
A+D 3,459
2023)Page 43
Statement of Fiscal Risk The Statement of Fiscal Risk outlines the Government’s assessment of key risks that can affect the targets as outlined in the Medium-Term Fiscal Framework. Fiscal risks are factors that could cause fiscal outcomes to differ from predictions. Revenues, expenditures, assets, and liabilities may be affected by unexpected events that can have bearing on budget estimates. Additional government commitments can increase public debt, refinancing difficulties, or more significant fiscal events can result if any or all of these threats are realized. Further, fiscal accounts are also vulnerable to changes in international macroeconomic conditions like commodities prices and the exchange rate. Key Fiscal Risks Various shocks to macroeconomic variables, revenue & spending risks, and contingent liabilities from State-Owned Enterprises (SOEs) are the primary sources of fiscal risk. Consequently, it is necessary to identify, analyze, and mitigate fiscal risks because they have a significant impact on public debt sustainability and fiscal outcomes. 1. Economic Risks Despite significant challenges both on the external and domestic side, the economy continues to move on a higher growth trajectory and recorded an estimated growth of 5.97 % against the target of 4.8 %. It is expected that growth will remain 5.0 - 6.2 % in the medium term. However, there are multiple external and domestic factors posing downside risks to the economic outlook:
Page 44
The conflict between Russia and Ukraine is a significant risk factor to
Pakistan's positive economic outlook. A prolonged conflict may further
raise international oil and food prices. Such a situation can impede
world trade through additional supply disruptions affecting our imports,
exports, and taxes on imports. On the hand, it can put additional
inflationary pressures.
Global financial conditions tightening with an unprecedented speed to
reduce the demand pressure
Internal disturbances, if any can disrupt macro-economic balance.
Monetary tightening and fiscal consolidation measures to reduce the
demand pressures may slow down economic growth in the coming
year.
Exchange rate depreciation has an immediate impact and can be
especially severe when a large portion of the debt is in foreign
currency.
2. Global Economic Conditions
Pakistan is a net importer of food and oil items.International commodity
and oil prices are consistently high, putting significant strain on Pakistan's
fiscal account. Although steps were taken to protect the public from price
increases through tax relief and subsidies, however, it significantly
increased the risk of fiscal slippages. The continuation of such policies in
the face of such global economic conditions would come at a high fiscal
cost to the country. Most importantly, in Pakistan, the fiscal stance is
vulnerable to commodity prices, especially oil prices, which has become
uncertain in recent years. Oil price fluctuations affect the fiscal position
through their impact on revenues on account of PDL and on the
expenditure side through fuel subsidies. As a result, it causes severe
macroeconomic imbalances. To deal with such circumstances, fiscal
buffers become increasingly important.Page 45
3. Growth in Government Revenues
Lower tax revenues lead to greater fiscal deficits and borrowings and
reduce the fiscal space for expenditure pertaining to the development and
social sectors. Since current expenditures are less flexible and difficult to
reduce, thus, any reduction in tax revenue may leave lesser than
projected space for development spending.
FBR which collects a substantial amount of revenues mostly relies on
indirect taxes which are contributing more than 60 percent of total FBR
tax collection. Although, presently, tax collection is growing above 28
percent, the increased collection is largely dependent on import taxes.
Currently, more than 46 percent of collection in total tax is coming from
imports. Thus, to reduce the pressure from external accounts, measures
to curtail imports would affect the FBR tax collection. Considering this, it is
critical to increase domestic tax collection through effective and
appropriate policy and administrative measures.
4. Higher Expenditure
Higher subsidies, interest payments and grants will be detrimental to
fiscal sustainability in the absence of adequate fiscal space. Rising
interest rates and energy and food prices will put additional strain on the
budget. The government has taken steps to limit the rise in domestic
prices, including tax cuts and subsidies. However, such measures can
have unintended consequences, such as increased expenditures, lower
revenue collection and higher aggregate demand.
5. Losses pertaining to Energy Sector
The main reasons behind the power sector losses include high cost of
generation above-average transmission and distribution losses,Page 46
and below-average recoveries of electricity bills. Presently, the power
sector is the largest beneficiary of government subsidies.
Imports of fuels including oil, gas, and coal constitute a large portion of
Pakistan’s import bill. Prices of these fuels affect the prices of a variety of
goods and services as these fuels contribute a significance part of
production. Volatility in prices of these fuels is a major reason behind the
volatility in inflation rates which, in turn, contribute to volatility in interest
rates and exchange rates.
An increase in the cost of imported fuels, whether due to rising fuel prices
in international markets or exchange rate depreciation, or both, has
potential adverse effects on the wider economy through higher current
account deficit, higher inflation, higher interest rate, lower GDP growth,
lower revenue growth, higher interest cost, higher fiscal deficit, and higher
public debt levels. Currently, there are little or no fiscal buffers or risk
management framework for dealing with adverse shocks in the prices of
imported fuels.
6. Provincial budget surplus
The medium-term fiscal framework envisages strict fiscal discipline on
part of the provinces as their surpluses remain a vital component in
reducing the overall consolidated fiscal deficit of the country whereby large
federal deficits are partially offset by significant provincial surplus over the
medium-term.
In the absence of legally binding commitments from provinces, the risk
remains high that the projected provincial budget surpluses may not
materialize. This risk is particularly elevated considering that any
shortfalls in FBR’s projected collections may provide the provinces with
the justification not to meet the budget surplus targets.Page 47
7. State-Owned Enterprises (SOEs)
Over time, the number and aggregate size of SOEs have grown
considerably. Many SOEs perform fiscal functions. Certain SOEs have
been incurring huge losses in the past. Losses or excessive debt have
necessitated costly government bailouts. The Government provides
financial support to several SOEs in the form of subsidies, grants, loans,
and guarantees. The fiscal cost of running the loss-making SOEs has
been quite high and has worsened an already fragile financial position of
the government. The approach to keep poorly-performing SOEs afloat by
granting loans or issuing guarantees has aggravated the fiscal situation.
The privatization process has also been slow in the past.
A rethinking of policy regarding the privatization, ownership, objectives,
and modes of financing & governing principles of SOEs is required.
Realizing such needs, the Government is committed to provide a policy
guidance, stronger governance and performance management framework
for the SOEs.Page 48
CONCLUSION
Various types of fiscal risks confront Pakistan, and a lot of effort is needed to
overcome or mitigate the potential adverse effects of such risks. The silver
lining is that the country has already made considerable progress in certain
areas, and a number of strategies are available to address the risks that
remain. The risk management strategy envisages range of Public Financial
Management (PFM) reforms that bring discipline, transparency, and
credibility at all stages of the budget cycle and follows a two-pronged
approach i.e.
preventing the risks from materializing or lowering the exposure in
case such risks materialize, and
creating buffers for the risk exposures that still remain.
__________________Page 49
STATEMENT OF ESTIMATED TAX EXPENDITURE
Section 8 of the Public Finance Management Act, 2019
provides that the Federal Government shall, in respect of every financial year
cause to be laid before the National Assembly, Finance Bill consistent with
Article 73 of the Constitution including a statement of estimated tax
expenditure of the Federal Government.
2. A Tax Expenditure statement providing the detail of tax
expenditure in FY 2022 which involves tax expenditure in sales tax of Rs.
1014.483 billion, a tax expenditure in income tax of Rs.399.662 billion, and
tax expenditure in Customs Duty of Rs. 342.890 billion, arriving at a total
estimated tax expenditure of Rs.1757.035 billion is being laid before the
Parliament.
Asim Ahmad
Chairman FBR
Dated: 10-06-2022Page 50
Medium Term Budgetary Statement
(2022-23 to 2024-25)
Government is laying before the National Assembly a Medium
Term Budgetary Statement in pursuance of Section 5 of the Fiscal
Responsibility and Debt Limitation Act, 2005. This statement is consistent
with the country’s overall macroeconomic framework.
2. The year 2021-22 was a year of economic recovery backed by
incentives to various quarters of the economy. Pakistan’s economy had
shown some signs of revival after being hit by the Covid-19 pandemic. The
timely response measures to combat this daunting challenge were about to
bear fruits when world faced new economic challenges due to Ukrainian War.
The increase in international commodity prices and rupee depreciation
played a havoc with the economy. The major challenge for government was
to provide relief to the poor and vulnerable segments of society.
3. For the protection of vulnerable segments of the society, the government
is committed to implement various components under Benazir Kafalat and
other programs under BISP by allocating huge amount for unconditional cash
transfers, fuel subsidy, Waseela e Taleem, Nutrition program, etc. On the
external front, various policy actions were undertaken including bilateral and
multilateral arrangements, IMF program continuity and exchange rate
stability in the backdrop of strong foreign exchange reserves, as well as
reviving export industry. Consequently, the economy will pick up and move
towards sustained economic growth.
4. Over the medium-term a number of important policy measures will
be taken. These policy measures will broadly include reduction of budgetPage 51
deficit, revenue mobilization, maintaining the policies of no borrowings from State Bank of Pakistan for budget financing, flexible exchange rate, structural reforms in public entities including privatisation, reforms in energy sector (electricity and gas) and circular debt management , increase in public investments in management of water, implementation of projects under China-Pakistan Economic Corridor, strengthening energy transmission and distribution system, implementation of national tariff policy, implementation of special economic zones, etc. 5. The context and strategy for FY 2022-23 rests on fostering sustained and inclusive growth, horizontal and vertical expansion of social safety net to support the vulnerable segments of the society and successful continuation of IMF program. Moreover, providing impetus to the economic activity through higher public development spending and consequently supporting job creation. Funding for special initiatives led by the Prime Minister like Wazir e Azam Rozgar Scheme, lending schemes to support various groups include credit guarantee and loan schemes for women entrepreneurs, students, youth and sectors like SMEs, food & agriculture etc. 6. FBR collection however, will increase through improvement in tax system, broadening tax base improvement in tax rates and strengthening of administrative controls through technological interventions. Other measures include withdrawing tax exemptions, rationalizing concessionary regime, simplifying tax rules and ensuring tax compliance. Furthermore, ensuring better financial management and fiscal discipline, by striking a balance between relief measures and fiscal deficit to keep the primary balance at a sustainable level.
Page 52
6. For sustained economic growth in medium term it is imperative for
the Federal government to accordingly pursue a multi-pronged strategy with
focus on revenue mobilization, rationalization of recurrent expenditures to
provide space for development/ capital expenditure, support for the driver
sectors of the economy and increase the foreign exchange earnings for
management of current account and easing off pressure on the Rupee
(PKR).
Macroeconomic and Fiscal Framework
B.E R.E Projections
2021-22 22-23 23-24 24-25
Economic Growth - % 5.0 5.97 5.0 5.8 6.2
Inflation - % 8.2 11.7 11.5 8.6 7.4
FBR Tax - % GDP 10.7 9.0 9.6 9.7 9.8
Overall Deficit - % GDP -6.3 -7.1 -4.9 -4.0 -2.9
Overall Primary Balance - -0.7 -2.4 0.2 0.9 1.8 % GDPPage 53
Government of Pakistan
Finance Division
STATEMENT OF RESPONSIBILITY UNDER SECTION 10(1)(a) OF FISCAL
RESPONSIBILITY AND DEBT LIMITATION ACT 2005
Stated that all policy decisions with material economic or fiscal
implications that the Federal Government has made before 10th June 2022,
the day on which the contents of the Medium Term Budgetary Statement
were finalized and all other circumstances with material economic or fiscal
implications of which I was aware before that day, have been communicated
to the Secretary, Finance Division.
The statement to the best of my knowledge provides for
a) the integrity of the disclosures contained in the economic
policy statement;
b) the consistency with requirements of this Act of the
information contained in the economic policy statement; and
c) the omission from the economic policy statement of any
decision or circumstance specified in sub-section 3 of
section 8 of the Act.
(Dr. Miftah Ismail)
Minister for Finance and RevenuePage 54
Government of Pakistan
Finance Division
STATEMENT OF RESPONSIBILITY UNDER SECTION 10(1)(b) OF FISCAL
RESPONSIBILITY AND DEBT LIMITATION ACT 2005
Stated that the Finance Division has supplied to the Minister for
Finance and Revenue, using its best professional judgment on the basis of
economic and fiscal information available to it before 10th June 2022, the day
on which the contents of the Medium Term budgetary Statement were
finalized, incorporating the fiscal and economic implications of those
decisions and circumstances, but any decisions or circumstances that the
Minister for Finance and Revenue has determined under Sub-section (3) of
Section 8 of the Fiscal Responsibility and Debt Limitation Act 2005 have not
been incorporated in the Statement.
Hamed Yaqoob Sheikh
Secretary to Government
of Pakistan
Finance Division
Islamabad, the10th June, 2022