Pakistan does not even have money to buy petrol but the country’s defense budget increased by 11%
Pakistan’s finance minister Miftaah ismaaile
Highlights
- Pakistan’s defense budget increased by 11%
- Finance Minister Miftah Ismail presented the annual budget
- The target of five percent growth in the economy for the next financial year
Pakistan has increased its defense budget by 11 percent compared to last year. This budget has now been made a total of Rs 1,523 billion. Pakistan’s Finance Minister Miftah Ismail presented an annual budget of Rs 9,502 billion in Parliament for the fiscal year 2022-23. In this, Rs 1,523 billion has been allocated for the defense sector.
Pakistan is spending the most on an annual basis in the defense sector. At the same time, the total current expenditure for 2022-23 is estimated at Rs 8,694 billion, which is 15.5 percent higher than the budget figure of the previous fiscal. According to budget documents, the Pakistan government has committed Rs 1,523 billion for the defense sector, an increase of Rs 1,370 billion last year. However, this was later increased to Rs 1,450 billion on the demand of the Defense Ministry. Defense allocation of Rs 1,523 billion this year is 11.16 per cent higher than last year’s allocation of Rs 1,370 billion. Apart from this, the expenditure on debt repayment in the budget of Pakistan has increased to 29.1 percent of the total budget. This is the biggest expenditure of the government and accounts for 45.4% of the current expenditure.
Economy to grow by 5% next year
Finance Minister Ismail said that the government has set a target of five percent growth in the economy for the next financial year. Which is less than 5.9 percent of the current financial year. However, the target was 4.8 per cent.
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