New budget creates opportunities for youth, helps weaker people: PM Shehbaz

Prime Minister Shehbaz Sharif has articulated the goals of the annual budget for the fiscal year 2022-23 saying it was meant to help the youth and the poor across the country.

In a tweet on Sunday, the prime minister said the budget represented a significant improvement in several ways.

“It has provided more educational opportunities for our youth, particularly from Balochistan and targeted subsidies for financially weaker people. More importantly, it has taxed non-productive assets of the rich.

The government has increased the higher education budget by 68% under the Public Sector Development Program (PSDP).

Federal Minister for Planning and Development Ahsan Iqbal said they have raised the budget from Rs23 billion and set the target for Rs44 billion.

On June 10, the federal government tabled the annual budget for the fiscal year 2022-23 in the National Assembly with a total outlay of Rs9.502 trillion, of which Rs7.4 trillion will be financed by taxes and non-tax revenues.

The government will be spending a whopping Rs3.950 trillion, over 41% of the total budget, on the repayment of debt and the payment of interest on loans.

Rs1523 billion have been allocated for the defense budget and Rs800 billion for the public sector development programs (PSDP).

The PMLN-led government has earmarked Rs699 billion for targeted subsidies and Rs1242 billion for grants including the money for Benazir Income Support Program (BISP).