Finance Minister Aurangzeb unveils Rs18.77 trillion budget

ISLAMABAD – Finance Minister Muhammad Aurangzeb on Friday presented the federal budget for the upcoming fiscal year in the National Assembly, with the total outlay proposed at Rs18.771 trillion. According to the budget documents, the government has allocated Rs8.054 trillion for debt servicing, making it the largest component of federal expenditures. The documents estimate total pension expenditures at Rs1.169 trillion, including Rs822 billion for military pensions and Rs272 billion for civil pensions. The government has proposed allocating Rs3 trillion for defence spending, while Rs1.091 trillion has been earmarked for subsidies across various sectors. According to the budget estimates, expenditures of the civil government are projected at Rs1.071 trillion. An allocation of Rs430 billion has also been proposed to meet emergency and contingency requirements. Overall current expenditures are estimated at Rs17.495 trillion for the next fiscal year. The budget documents further reveal that the size of the federal development programme has been set at Rs1.050 trillion, reflecting the government’s plans for infrastructure development and public sector projects. Meanwhile, the Federal Board of Revenue (FBR) has been assigned a tax collection target of Rs15.264 trillion for the upcoming fiscal year. The budget was presented amid ongoing efforts by the government to strengthen fiscal stability, enhance revenue generation and maintain economic growth while meeting development and security-related needs. The budget proposals will now be debated in the National Assembly before their final approval. (Developing Story)