Cash-strapped Pakistan has unveiled its annual budget. Instead of offering incentives to the common man, Islamabad has hiked its defence budget by 6%. It has also set aside funds to fast-track CPEC projects. Palki Sharma reports.

Gravitas: Pakistan unveils annual budget for 2022

Nepal government on Saturday unveiled a massive spending plan focused on healthcare and infrastructure, as the country is battling the deadly second wave of coronavirus.&nbsp;

Union Finance Minister Bishnu Paudel presented the budget 2021-22 from the PMO’s residence in Baluwatar through ordinance following the dissolution of the House of Representatives on May 22.&nbsp;

Paudel announced the total budget of NRs 1.647 trillion for the upcoming year of which NRs 122.77 billion has been allocated to the Ministry of Health and Population.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/south-asia/nepal-pm-oli-assures-availability-of-covid-19-vaccines-to-public-388136" hreflang="en">Nepal PM Oli assures availability of COVID-19 vaccines to public&nbsp;</a>

The government allocated NRs 4 billion to purchase health kits and medical equipment necessary to fight against COVID-19 pandemic and NRs&nbsp;26.55 billion allocated for the procurement of COVID-19 vaccines.

In addition to this, government hospitals will provide free treatment to COVID-19 patients and have announced an exemption of custom fees and VAT on the import of medical supplies related to coronavirus.&nbsp;

Prime Minister KP Sharma Oli had earlier assured the availability of COVID-19 vaccines to the people of the country.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/south-asia/china-extends-covid-aid-to-nepal-including-a-million-doses-of-vaccines-387550" hreflang="en">China extends Covid aid to Nepal including a million doses of vaccines</a>

Paudel also announced NRs 180.04 billion for the Ministry of Education.&nbsp;

As the pandemic has hit the tourism industry and is further impacting the country’s economy, the Nepal government has decided to provide free visas to tourists for one month to promote tourism. It has also planned to launch an integrated tourism promotion programme.&nbsp;

For the next fiscal year, NRs 45.09 billion has been allocated to the agriculture sector. The irrigation service is to be extended to 29,400 hectares of agricultural land next year.&nbsp;

The government has allocated NRs 2.77 billion for the development of industrial infrastructure, the Ministry of Physical Infrastructure and Transport to get NRs 163.36 billion budget.

In an effort to expand the railways, NRs 10.3 billion has been allocated for the development of railways in the country.

Light vehicles run with petrol will be replaced by electric vehicles by the year 2031 and 500 charging stations, terminal buildings and other infrastructures will be built across the country with the involvement of the private sector.

All members of Federation of Nepali Journalists (FNJ) will be provided free of cost treatment in all state-owned hospitals, along with provision of accident insurance worth NRs 700,000 for journalists.&nbsp;

The Finance Minister promised to control illegal movements and crime and announced plans to build&nbsp;120 border outposts of APF along the country’s international borders.&nbsp;

The government has announced plans to&nbsp;issue national identity cards to seven million Nepalis in the next fiscal year, and all Nepalis will get national ID cards within the next two years.

Nepal government on Saturday unveiled a massive spending plan focused on healthcare and infrastructure, as the country is battling the deadly second wave of coronavirus.

Nepal government on Saturday unveiled a massive spending plan focused on healthcare and infrastructure, as the country is battling the deadly second wave of coronavirus. Union Finance Minister Bishnu Paudel presented the budget 2021-22 from the PMO’s residence in Baluwatar through ordinance following the dissolution of the House of Representatives on May 22. Paudel announced the total budget of NRs 1.647 trillion for the upcoming year of which NRs 122.77 billion has been allocated to the Ministry of Health and Population. Also read | Nepal PM Oli assures availability of COVID-19 vaccines to public The government allocated NRs 4 billion to purchase health kits and medical equipment necessary to fight against COVID-19 pandemic and NRs 26.55 billion allocated for the procurement of COVID-19 vaccines. In addition to this, government hospitals will provide free treatment to COVID-19 patients and have announced an exemption of custom fees and VAT on the import of medical supplies related to coronavirus. Prime Minister KP Sharma Oli had earlier assured the availability of COVID-19 vaccines to the people of the country. Also read | China extends Covid aid to Nepal including a million doses of vaccines Paudel also announced NRs 180.04 billion for the Ministry of Education. As the pandemic has hit the tourism industry and is further impacting the country’s economy, the Nepal government has decided to provide free visas to tourists for one month to promote tourism. It has also planned to launch an integrated tourism promotion programme. For the next fiscal year, NRs 45.09 billion has been allocated to the agriculture sector. The irrigation service is to be extended to 29,400 hectares of agricultural land next year. The government has allocated NRs 2.77 billion for the development of industrial infrastructure, the Ministry of Physical Infrastructure and Transport to get NRs 163.36 billion budget. In an effort to expand the railways, NRs 10.3 billion has been allocated for the development of railways in the country. Light vehicles run with petrol will be replaced by electric vehicles by the year 2031 and 500 charging stations, terminal buildings and other infrastructures will be built across the country with the involvement of the private sector. All members of Federation of Nepali Journalists (FNJ) will be provided free of cost treatment in all state-owned hospitals, along with provision of accident insurance worth NRs 700,000 for journalists. The Finance Minister promised to control illegal movements and crime and announced plans to build 120 border outposts of APF along the country’s international borders. The government has announced plans to issue national identity cards to seven million Nepalis in the next fiscal year, and all Nepalis will get national ID cards within the next two years.

Nepal unveils annual budget, focus on COVID-19, economy

Pakistani Finance Minister Miftah Ismail lauded a resurgent economy and announced a big hike in military spending for the next fiscal year on Friday in a chaotic budget session marred by lawmakers'&nbsp;jeers and scuffles ahead of an expected election.

Opposition lawmakers objected to the ruling Pakistan Muslim League-Nawaz (PML-N) presenting a full-year budget so close to the election, likely in July, and staged a walkout. Others tried to storm the podium to physically disrupt Ismail's speech, but were blocked by a human chain of PML-N parliamentarians.

Pakistan's economy has rebounded in recent years due to a drop in militant violence and vast investments by China that have helped alleviate power shortages. Growth is projected to hit a 13-year high of 5.8 percent in 2017/2018 (July-June) before accelerating to 6.2 percent next fiscal year.

"Due to historic low-interest rates, the business and industry has seen growth, and employment opportunities have been created," Miftah said, while opposition lawmakers threw papers in the air.

But a widening current account deficit and dwindling foreign currency reserves have taken some shine off the economic outlook, with the World Bank and the International Monetary Fund (IMF) warning of risks to the economy.

Ismail said the budget deficit would hit 5.5 percent for the current fiscal year, missing the government's fiscal deficit target of 4.1 percent. He forecast the budget deficit at 4.9 percent of GDP in 2018/2019.

A government document put the total budget outlay for 2018/2019 at 5.9 trillion Pakistani rupees ($51.06 billion).

A very big success

Ismail said tax revenues reached 13.2 percent of GDP in 2017/2018, up from 10.1 percent in 2012/2013.

"This unusual increase in tax collection is a very big success," Ismail said.&nbsp;

A budget document said total tax receipts would reach 4.2 trillion for 2017/2018 - barely missing the official target - and Ismail projected they would jump to 4.43 trillion rupees next fiscal year.

Ismail also set aside 1.1 trillion for the defence budget, increasing it by about 20 percent from the 920 million that the government had budgeted for the military to spend. Revised figures from a budget document suggest military spending will hit 1 trillion this year anyway.&nbsp;

The United States has announced a suspension of military assistance to Pakistan totalling about $2 billion, though it was not clear whether this was why Pakistan's military budget exceeded its planned outlay.

Washington suspended the assistance due to claims that Islamabad was either assisting or turning a blind eye to Islamist militants who use Pakistan's soil as a launchpad for attacks in Afghanistan.

The huge boost to defence spending comes at a time of fraught relations between the ruling party and the powerful military, which has ruled Pakistan for nearly half its history.

Senior PML-N officials have suggested that elements of the military establishment are trying to weaken the party before the polls. The military has denied interfering in politics. 
&nbsp;

The huge boost to defence spending comes at a time of fraught relations between the ruling party and the powerful military, which has ruled Pakistan for nearly half its history

Pakistani Finance Minister Miftah Ismail lauded a resurgent economy and announced a big hike in military spending for the next fiscal year on Friday in a chaotic budget session marred by lawmakers' jeers and scuffles ahead of an expected election. Opposition lawmakers objected to the ruling Pakistan Muslim League-Nawaz (PML-N) presenting a full-year budget so close to the election, likely in July, and staged a walkout. Others tried to storm the podium to physically disrupt Ismail's speech, but were blocked by a human chain of PML-N parliamentarians. Pakistan's economy has rebounded in recent years due to a drop in militant violence and vast investments by China that have helped alleviate power shortages. Growth is projected to hit a 13-year high of 5.8 percent in 2017/2018 (July-June) before accelerating to 6.2 percent next fiscal year. "Due to historic low-interest rates, the business and industry has seen growth, and employment opportunities have been created," Miftah said, while opposition lawmakers threw papers in the air. But a widening current account deficit and dwindling foreign currency reserves have taken some shine off the economic outlook, with the World Bank and the International Monetary Fund (IMF) warning of risks to the economy. Ismail said the budget deficit would hit 5.5 percent for the current fiscal year, missing the government's fiscal deficit target of 4.1 percent. He forecast the budget deficit at 4.9 percent of GDP in 2018/2019. A government document put the total budget outlay for 2018/2019 at 5.9 trillion Pakistani rupees ($51.06 billion). A very big success Ismail said tax revenues reached 13.2 percent of GDP in 2017/2018, up from 10.1 percent in 2012/2013. "This unusual increase in tax collection is a very big success," Ismail said. A budget document said total tax receipts would reach 4.2 trillion for 2017/2018 - barely missing the official target - and Ismail projected they would jump to 4.43 trillion rupees next fiscal year. Ismail also set aside 1.1 trillion for the defence budget, increasing it by about 20 percent from the 920 million that the government had budgeted for the military to spend. Revised figures from a budget document suggest military spending will hit 1 trillion this year anyway. The United States has announced a suspension of military assistance to Pakistan totalling about $2 billion, though it was not clear whether this was why Pakistan's military budget exceeded its planned outlay. Washington suspended the assistance due to claims that Islamabad was either assisting or turning a blind eye to Islamist militants who use Pakistan's soil as a launchpad for attacks in Afghanistan. The huge boost to defence spending comes at a time of fraught relations between the ruling party and the powerful military, which has ruled Pakistan for nearly half its history. Senior PML-N officials have suggested that elements of the military establishment are trying to weaken the party before the polls. The military has denied interfering in politics.

Pakistan finance minister hikes military spending in rowdy budget session

Pakistan said on Friday it expected economic growth of 6.2 per cent as it announced a 2018/19 budget ahead of national elections expected in July.

Newly appointed Finance Minister Miftah Ismail announced the annual budget, while the opposition called for a budget covering only the remaining two months of the federal government`s tenure.&nbsp

Here are the highlights of the budget from the official federal budget document for the fiscal year starting on July 1.

Growth/fiscal deficit

GDP growth in 2018/19 growth seen at 6.2 per cent.

Finance minister Ismail said, "We have taken GDP to 5.8 percent. This progress we have made. We will not interrupt it, but the incoming government will have the right to modify the budget."

2018/19 fiscal deficit seen at 4.9 per cent of GDP.

Expenditure

Total expenditure for 2018/19 seen at 5.9 trillion rupees ($51 billion)

Opposition reaction

Two main opposition parties said it is improper to make a full-year budget with just months to go before the elections.

Taxation

Budget estimates tax revenue of 4.9 trillion rupees.

Minister Ismail said the government is using data mining and other technologies to track tax evaders.

Infrastructure

Government to spend on a large-scale desalination plant in Karachi city to end the city`s water woes.

Agriculture

Loans to the agriculture sector to increase.&nbsp

Health

Package for children`s health announced.&nbsp

Education

Government to pay for the transportation of female students to school.

Newly appointed Finance Minister Miftah Ismail announced the annual budget, while the opposition called for a budget covering only the remaining two months of the federal government's tenure

Pakistan said on Friday it expected economic growth of 6.2 per cent as it announced a 2018/19 budget ahead of national elections expected in July. Newly appointed Finance Minister Miftah Ismail announced the annual budget, while the opposition called for a budget covering only the remaining two months of the federal government`s tenure. Here are the highlights of the budget from the official federal budget document for the fiscal year starting on July 1. Growth/fiscal deficit GDP growth in 2018/19 growth seen at 6.2 per cent. Finance minister Ismail said, "We have taken GDP to 5.8 percent. This progress we have made. We will not interrupt it, but the incoming government will have the right to modify the budget." 2018/19 fiscal deficit seen at 4.9 per cent of GDP. Expenditure Total expenditure for 2018/19 seen at 5.9 trillion rupees ($51 billion) Opposition reaction Two main opposition parties said it is improper to make a full-year budget with just months to go before the elections. Taxation Budget estimates tax revenue of 4.9 trillion rupees. Minister Ismail said the government is using data mining and other technologies to track tax evaders. Infrastructure Government to spend on a large-scale desalination plant in Karachi city to end the city`s water woes. Agriculture Loans to the agriculture sector to increase. Health Package for children`s health announced. Education Government to pay for the transportation of female students to school.

Pakistan government presents annual budget two months before term ends

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