ISLAMABAD: The PML-N led government is all set to present the budget for the fiscal year 2022-23 on Friday, June 10, which it says will be people-friendly, pro-business and progressive.

Federal Minister for Finance and Revenue Miftah Ismail will present the budget. The government’s focus will be on fiscal consolidation to contain budget deficit.

The budget has been formulated while considering the existing challenges being faced by economy at domestic and international fronts. Hence, mitigating people’s sufferings, transforming agriculture sector, promoting Information Technology (IT), boosting industrial and bolstering businesses would be the main focus of the document, sources said.

In addition to fiscal management, revenue mobilization, measures for economic stabilization and growth, reduction in non-development expenditures; boosting exports besides job creation and people friendly policies for the socioeconomic prosperity of the country would be featured in the upcoming budget.

It would also focus on social sector development besides introducing reforms for improving governance and boosting private sector investment.

The Annual Plan Coordination Committee (APCC), which met under the Chairmanship of Federal Minister for Planning Ahsan Iqbal on Saturday, has approved the Public Sector Development Program (PSDP) outlay of Rs800 billion for the next fiscal year 2022-23.

On the revenue side, the government would introduce measures for bringing improvements in the system of tax collection, broadening the tax base, and facilitation to tax payers.

Keeping in view the robust growth of revenues during the current fiscal year (2021-22), the government is likely to set the revenue collection target at over Rs.7 trillion for the fiscal year 20222-23.

Sources said the preparations for the announcement of the federal budget for fiscal year 2022-23 continued in full swing in accordance with the prescribed timelines.

The budget was being prepared in close coordination between all departments and ministries involved in budget related events including the presentation of the budget in the Parliament and launching of the Economic Survey, they added.

Meanwhile, the pre-budget document presenting the country’s economy the ‘Economic Survey of Pakistan’ is likely to be launched on Thursday, June 9.

The survey would highlight the overall performance of the economy during the outgoing fiscal year, providing a realistic feedback and basis for future planning.