Government Estimates 4.2 Percent GDP Growth for FY 2022
Islamabad: According to estimates from the Pakistan Tehreek-e-Insaf (PTI) government, the GDP will expand by 3.2 percent this fiscal year (FY21) and 4.2 percent in the following year (FY22).
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The government has projected a GDP growth rate for FY21 of 2.9 percent, which is higher than the budgeted 2.1 percent. The revised inflation rate is 8.7 percent, which is much higher than the target inflation rate of 6.5 percent.
In addition, the government has revised the budget deficit forecast for the current fiscal year to 7.4 percent of GDP from the objective of 7.1 percent in the budget, and the debt-to-GDP ratio to 86.8 percent from the aim of 87 percent.
Sources claim that the government intends to set aside Rs 450 billion for subsidies in the budget for the upcoming fiscal year, including circular debt and IPP dues.
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According to additional sources, the MoF also suggested a target for the Federal Board of Revenue (FBR) of Rs 6,000 billion, which is Rs 1,272 billion higher than the amended objective for the current fiscal year. It is anticipated that non-tax revenue will reach Rs 1,900 billion.
In its fifth assessment of the Pakistani economy, the IMF predicted that the federal PSDP will total Rs 503 billion this fiscal year and Rs 627 billion the next year.
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