ISLAMABAD: Finance Minister Naveed Qamar unveiled the federal budget for year 2008-09 with a total outlay of 2300 billion rupees in the parliament, which is 29.7 percent higher than the budget of the outgoing financial year.
According to the budget document, the expenditure of 2.01 trillion has been estimated. The government targeted to generate net tax revenues of 1.25 trillion rupees through Federal Board of Revenue, showing an increase of 23.1 percent over this fiscal year.
Total resources available for the expenditure will be 1.84 trillion rupees against 1394 billion available in the outgoing financial year. The budget deficit likely to remain at 4.7 percent of the GDP or 582 billion rupees.
The federal government has allocated 549 billion rupees for the Public sector development programme.
The federal government will do 149 billion of bank borrowing coupled with the non-tax revenue receipts of 427.8 billion rupees, during the year. The government will receive net capital receipts of 221.3 billion rupees as well.
A total of 929.5 billion rupees will be spent on the general Public service. In the budget 296.1 billion rupees have been provided for defence needs showing an increase of 7.6 percent. Another 201.2 billion rupees have been made available for economic affairs. For public order and safety affairs 26.8 billion have been provided.
For education 24.6 billion rupees have been allocated. 5.5 billion rupees have been allocated for education sector in the country.
The country will spend 4.8 billion rupees on social protection and 1.4 billion rupees on housing and community projects. Allocation of funds A meager 0 .2 billion rupees have been allocated for the environment protection.
