Budget session of Punjab Assembly likely to be summoned on June 13

LAHORE: The budget session of the Punjab Assembly is expected to be summoned on June 13, citing sources, ARY News reported on Thursday.

Sources told ARY News that the Punjab government sent a summary to the governor for summoning the budget session. The Punjab governor will summon the budget session after concluding the current session, sources added.

Meanwhile, the coalition government is all set to present the budget for the next fiscal year 2022-23 in the National Assembly (NA) today (Friday).

READ: SHAUKAT TARIN SAYS ‘BUDGET 2022-23 WILL NOT BE PEOPLE-FRIENDLY’

According to details, Minister for Finance and Revenue Miftah Ismail will present the budget in the National Assembly at 4:00 pm, with a likely outlay of over Rs9.5 trillion.

The budget has been formulated while considering the existing challenges being faced by the economy on domestic and international fronts. Miftah Ismail will also present Supplementary Grants 2021-22 and Finance Bill 2022.

Keeping in view the robust growth of revenues during the current fiscal year (2021-22), the government is likely to set the revenue collection target at over Rs.7 trillion for the fiscal year 20222-23.

READ: BUDGET 2022-23: FBR AIMS FOR OVER RS7,255BN TAX COLLECTION

The coalition government has decided to allocate Rs800 billion for the Public Sector Development Programme (PSDP) in the next fiscal year, said sources.

A development budget worth Rs800 billion has been proposed for the next financial year, out of which Rs538 billion will be allocated for federal ministries and departments.

Meanwhile, the government has decided to allocate Rs 25 billion for Atomic Energy Commission, while Rs41.87 billion will be allocated to Higher Education Commission (HEC) and Rs2.5 billion for Aviation.