Govt to start FY2022-23 with Rs 600 bln negative balance: Miftah

F.P. Report

ISLAMABAD: Federal Minister for Finance and Revenue Miftah Ismail on Saturday said keeping in view the position of resources and expenditures, the government would actually start the fiscal year 2022-23 with a negative balance of Rs 600 billion, which was a big economic challenge.
The main reason for it was the fiscal mismanagement by the last government, he said addressing a post-budget press conference,
The minister enumerated that the total revenue target had been set at Rs 7,004 billion and if non-revenue resources were added it would take the total revenue to Rs 9,000. Out of it, an amount of Rs 4,000 billion would be the share of provinces, hence the net collection with the federal government would be around Rs 5,000 billion.
He said if Rs 4,000 billion were spent on debt servicing, then the amount remaining with the federal government would be mere Rs 1,000 billion to manage its all affairs.
If other liabilities were also counted, then the country would actually start the new fiscal year with minus Rs 600 billion budget.