Finance Minister Shaukat Tarin presents the FY2021-22 budget, GDP growth target set at 4.8% – News

Finance Minister Shaukat Tarin presents the FY2021-22 budget, GDP growth target set at 4.8% –  News

Lawmakers gather around PM Imran ahead of the budget speech. – DawnNewsTV He recalled that when the PTI came into power, the economy had gone almost bankrupt. “Everyone knows we were under the burden of so many loans,” he said, adding that the current account deficit was at a historic high of $20 billion. “During this time, exports were contracting and there was over a 100 per cent increase in imports,” Tarin added. “Despite this context, a 5.5pc growth rate was harped on about.”

Key announcements during budget speech He said there were a lot of difficulties but this government had laid the ground for the economy to revive and now “it is going towards development and prosperity”.

Rs900 billion allocated for federal PSDP — 40pc increase from last year
Rs12 billion allocated for agriculture sector
Rs118 billion for power distribution
Rs61 billion for Viability Gap Fund
Rs14 billion for Climate Change mitigation projects
$1.1 billion for vaccines procurement
Rs100 billion for Covid-19 Emergency Fund
Rs12 billion special grant for Sindh Tarin began his speech by saying it was an honour for him to present the PTI’s third budget.

GDP growth target The finance minister announced that for FY22, the government had set GDP growth target at 4.8pc. “After many efforts, the government has been successful in putting the economy on the path of development.”

“It took time to stabilise the economy due to the pandemic but we achieved our targets. The $20bn current account deficit has been turned into a surplus of $800 million while a 3.6pc primary deficit reduced to 1pc,” Tarin said. Tarin said the PTI government had to do all repayments to save Pakistan from default.

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