Budget 2017-18’s salient features revealed

ISLAMABAD: Geo News on Wednesday obtained the salient features of the budget recommendations for fiscal year 2017-18. The major points of the upcoming budget — to be presented on Friday — are as follows:

1. Total outlay: Rs4.778 trillion

2. Development budget: Rs1,001 billion

3. Defence budget: 940 billion

4. Recommendation to allocate Rs1,401 billion for interest payments on loans

5. Recommendation to increase FBR’s tax collection target by 15%

6. Two recommendations to increase government employees’ salaries

a. Proposal to merge old ad hoc salary after 10 % increase in salaries

b. Proposal to increase running salaries by 10% after merging old ad hoc

7. Proposal to allocate Rs230 billion for subsidies and grants

8. Proposal to allocate Rs123 billion for Benazir Income Support Programme

9. Proposal to allocate Rs90 billion for rehabilitation of homeless people and security arrangements

10. Proposal for GDP growth in upcoming fiscal year: 6%

11. Estimated inflation [CPI]: 6%

12. 4.1% fiscal deficit

13. Rs272 billion for development schemes for parliamentarians

14. Current account deficit targeted at 2.6% of GDP