Annual Budget Statement

FEDERAL BUDGET 2023-24 ANNUAL BUDGET STATEMENT

GOVERNMENT OF PAKISTAN FINANCE DIVISION ISLAMABAD

PREFACE

Article 80 of the Constitution of Islamic Republic of Pakistan 1973 pertains to the Annual Budget Statement. The statement containing estimated receipts and expenditure is to be laid before the National Assembly of Pakistan for financial year 2023-24 in terms of Article 80(1) and transmitted to the Senate of Pakistan as required under Article 73(1). Article 80(2) of the Constitution obligates that the statement shows separately the charged expenditures and other expenditures to be made from the Federal Consolidated Fund. It also distinguishes expenditure on revenue account from other expenditure.

Section 4 of the Public Finance Management Act, 2019 states that the Annual Budget Statement shall include statement of the purpose, statement of contingent liabilities of the Federal Government and statement of fiscal risk. A statement of estimated tax expenditure of the Federal Government is also part of Annual Budget Statement in terms of Section 8 of the Public Financial Management Act, 2019. Sections 5 and 10 of the Fiscal Responsibility and Debt Limitation Act, 2005 require a MediumTerm Budgetary Statement and Statements of Responsibility to be laid before National Assembly. All these statements have been made part of the Annual Budget Statement for Financial Year 2023-24.

It is further added that Explanatory Memorandum of Federal Receipts and Demands for Grants and Appropriation constitute explanatory part of Annual Budget Statement for FY 2023-24.

IMDAD ULLAH BOSAL

Secretary to the Government of Pakistan

Finance Division,

Islamabad, the 09^th June, 2023

CONTENTS PAGE

SUMMARY OF RECEIPTS

Federal receipts are categorized as Revenue Receipts, Capital Receipts, Public Account Receipts and External Receipts. All these receipts, except Public Account Receipts become part of the the Federal Consolidated Fund.

As per Section 22 of the Public Finance Management Act, 2019, the operation of the Federal Consolidated Fund and the Public Account of the Federation vests in the Finance Division.

(Rs in million)

REVENUE RECEIPTS

Revenue Receipts constitute major component of total Federal resources. Revenue Receipts may be categorized as Tax Revenue Receipts and Non-Tax Revenue receipts, which are largely derived from the following sources:-

Tax Revenue

Tax Revenue is administered by the Federal Board of Revenue (FBR), which comprises Customs Duty and Inland Revenue i.e Direct Taxes, Sales Tax and Federal Excise Duty. FBR taxes may also be categorized as Direct Taxes and Indirect Taxes. Direct Taxes comprise Income Tax, Capital Value Tax, WWF (Ordinary Collection) and Contribution under Compnies Profit (WPPF). Indirect Taxes include Sales Tax, Federal Excise Duty and Customs Duty. A snapshot of Budget Estimates is as under;

( Rs in million)

REVENUE RECEIPTS

Non-Tax Revenue

As per Section 2(a) of the Public Finance Management Act, 2019 (amended), Non-Tax Revenue means revenues received by the Government in terms of clause (1) of Article 78 of the Constitution and the recurring income of the Government from investments and provision of services but does not include those mentioned in clause (3) of Article 160 of the Constitution. Non-Tax Revenue of the federal government is administered by various Ministries / Divisions/ Departments. Budget Estimates are as under;

( Rs in million)

CAPITAL RECEIPTS

Capital receipts comprise Recoveries of Loans and Advances from Provinces and other entities and Public Debt which includes Permanent Debt and Floating Debt. The net capital receipts so realized by the federal government generally constitute the available resources for the financing of its Public Sector Development Programme. Budget Estimates are as under;

(Rs in million)

EXTERNAL RECEIPTS

External Resources comprise loans and grants received from multilateral, bilateral and other sources for approved projects, programmes and other initiatives. Budget Estimates are as under;

( Rs in million)

PUBLIC ACCOUNT RECEIPTS

Article 78(1) of the Constitution of Islamic Republic of Pakistan provides that all revenues received by the Federal Government, all loans raised by that Government and all moneys received by it in repayment of loan, shall form part of the Federal Consolidated Fund. Article 78(2) provides that all other monies received by or on behalf of the Federal Government shall be credited into the Public Account of the Federation. Therefore, all the monies received by or on behalf of the Federal Government in terms of Article 78(2) are Public Account receipts which are not revenues in terms of Article 78(1) of the Constitution. However, such Public Account receipts cannot be operated without establishment of Special Purpose Funds, deposits, reserves etc under the authority of an act of the Parliament or with the approval of the Federal Government. Moreover, as per Section 32 of the Public Finance Management Act, 2019, special purpose funds, in which monies have been appropriated by the National Assembly shall be established under any law or with the approval of the Federal Government. There are two sources of Public Account Receipts as under;

National Savings Schemes

National Savings Schemes include Savings bank accounts, Defence Savings Certificates, Special Savings Certificates, Pension Benefit Accounts, Behbood Savings Certificates etc.

PUBLIC ACCOUNT RECEIPTS

Deposits and Reserves

Deposits and Reserves represent all monies forming part of the Public Account of the Federation as per Article 78(2) of the Constitution of Islamic Republic of Pakistan. Budget estimates of receipts in the following table are however subject to fulfillment of following stipulations; (i) The funds appropriated by the National Assembly out of Federal Consolidated Funds in terms of Articles 80 to 84 of the Constitution for a particular financial year (being lapsable) shall be utilized as per Cash Management and TSA Rules 2020 and shall not be deposited under these deposits and reserves heads of account (being non-lapsable) under the Public Account. (ii) The maintenance and operation of all these funds, deposits, reserves etc shall be subject to their due establishment either under the authority of an act of Parliament or with the approval of the Federal Government, as the case may be. (iii) Revenues in terms of Article 78(1) of the Constitution shall not be deposited in these deposits and reserves heads of account under the Public Account. The revenues shall only be deposited in the respective heads of account of tax revenue and non tax revenue. (iv) Receipt of funds into these deposits and resreves heads of account shall only be allowed by the Accounting Offices subject to compliance of the stipulations at (i) to (iii) above and to the extent of reconciled available balance under the respective head of account.

(Rs in million)

(Rs in million)

PUBLIC ACCOUNT RECEIPTS

Deposits and Reserves

SUMMARY OF EXPENDITURE (Current & Dev)

In this table, the Budget Estimates of current expenditure (on revenue and capital account) and Budget Estimates of Development expenditure (on revenue and capital accounts) have been mentioned as per Article 80(2) of the Constitution of Pakistan.

( Rs in million)

Current Expenditure on Revenue Account

(Rs in million)

Contd…..

Current Expenditure on Revenue Account

( Rs in million)

Current Expenditure on Revenue Account

Revised Estimates 2022-23 as of 25th May, 2023 based on SAP System

Current Expenditure on Capital Account

(Rs in million)

Development Expenditure on Revenue Account

( Rs in million)

Contd…..

Development Expenditure on Revenue Account

(Rs in million)

Revised Estimates 2022-23 as of 7th June, 2023 based on SAP System

Development Expenditure on Capital Account

(Rs in million)

CAPITAL EXPENDITURE

The expenditure incurred on repayment of domestic debt receipts is termed as Capital Expenditure.

( Rs in million)

PUBLIC ACCOUNT EXPENDITURE

National Savings Schemes

The expenditure incurred on repayment of National Savings Schemes is termed as Public Account Expenditure.

( Rs in million)

PUBLIC ACCOUNT EXPENDITURE

Deposits and Reserves

Deposits and Reserves represent all monies forming part of the Public Account of the Federation as per Article 78(2) of the Constitution of Islamic Republic of Pakistan. Budget estimates of Expenditure (withdrawal of funds) from the Deposits and Reserves as depicted in the following table are however subject to fulfillment of following stipulations; (i) The maintenance and operation of all these funds, deposits, reserves etc shall be subject to their due establishment either under the authority of an act of Parliament or with the approval of the Federal Government, as the case may be. (ii) Withdrawal of funds from these deposits and resreves heads of account shall only be allowed by the Accounting Offices subject to compliance of the stipulations at (i) above and to the extent of reconciled available balance under the respective head of account. (iii) There shall be no authority of directed access to Central Account No.1 (Non Food) in SBP. (iv) Withdrawal of funds from these Deposits and Reserves head of accounts shall be in accordance with the provisions of Public Finance Management Act, 2019, Cash Management and Treasury Single Account Rules 2020 and the Special Assignment Account Procedure for the Public Account of the Federation 2021. Personal Ledger Accounts shall not be used for withdrawal of funds.

Contd.....

PUBLIC ACCOUNT EXPENDITURE Deposits and Reserves

( Rs in million)

Contd…..

PUBLIC ACCOUNT EXPENDITURE

Deposits and Reserves

( Rs in million)

STATEMENT OF ESTIMATED CHARGED AND VOTED EXPENDITURE

In terms of Article 80(2) of the Constitution of Pakistan, this statement distinguishes charged and voted expenditure.

Statement of Purpose

Section 4 of the Public Financial Management Act, 2019 provides that the Federal Government shall, in respect of every financial year, cause to be laid before the National Assembly, Annual Budget Statement consistent with Articles 80 and 81 of theConstitution of the Islamic Republic of Pakistan, 1973, including the statement of purpose and estimates for each demand for grant.

Pakistan continues to face economic and fiscal challenges for establishing a solid foundation for recovery and economic growth. Extraneous factors like continued Ukraine war, high oil and commodity prices and steep international interest rates pose persistent challenges for FY 2023-24, too. Domestically, high inflation, low foreign exchange reserves and balance of payment issues continue to pose policy questions for the economic managers and fiscal policy makers of the country.

The Annual Budget Statement for FY 2023-24 describes, in a brief form, the government’s response to the afore-mentioned challenges, in the shape of substantial pro-poor allocations for marginalized segments of society, austerity measures curtailing unnecessary government expenditure and investments in agriculture, industries and IT sectors to cater to the needs of economic recovery and growth.

The Annual Budget Statement for FY 2023-24 contains estimates for each demand for grants in respect of debt servicing of domestic and foreign loans and advances, for expenditure to be incurred on recurrent and development activities as part of a fiscal consolidation plan to re-vitalize sustainable economic growth.

IMDAD ULLAH BOSAL Secretary to the Government of Pakistan

Finance Division, Islamabad, the 09^th June, 2023

STATEMENT OF DEMANDS FOR GRANTS AND APPROPRIATIONS FOR EXPENDITURE MET FROM THE FEDERAL CONSOLIDATED FUND FOR THE FINANCIAL YEAR COMMENCING ON IST JULY, 2023 AND ENDING ON 30TH JUNE, 2024

Demand-Wise Expenditure for Budget Estimates 2023-24

Demand-Wise Expenditure for Budget Estimates 2023-24

( Rs. in million)

Demand-Wise Expenditure for Budget Estimates 2023-24

Demand-Wise Expenditure for Budget Estimates 2023-24

Demand-Wise Expenditure for Budget Estimates 2023-24

Demand-Wise Expenditure for Budget Estimates 2023-24

STATEMENT OF OBJECT CLASSIFICATION WISE EXPENDITURE

Rs. In million

STATEMENT OF CONTINGENT LIABILITIES

Contingent liabilities of Pakistan are primarily guarantees issued on behalf of Public Sector Enterprises (PSEs). The sovereign guarantee is normally extended to improve financial viability of projects or activities undertaken by the government entities with significant social and economic benefits. It allows public sector companies to borrow money at lower costs or on more favorable terms and in some cases allows to fulfil the requirement where sovereign guarantee is a precondition for concessional loans from bilateral/multilateral agencies to sub-sovereign borrowers.

2. The volume of new government guarantees issued during a financial year is limited under Fiscal Responsibility and Debt Limitation Act which stipulates that the government shall not give guarantees aggregating to an amount exceeding two percent of the GDP in any financial year including those for rupee lending, rate of return, outright purchase agreements and other claims and commitments provided the renewal of existing guarantees shall be considered as issuing a new guarantee.

3. During Jul-Mar FY23, the government remained within the FRDL Act limit for issuance of new/rollover of GoP Guarantees which stood at 0.2% of GDP. Total executed guarantees were Rs 3,860 billion while outstanding stock was Rs 3,460 billion at end March2023as per the following details:

Table-1: Summary of Outstanding Government Guarantees

(All figures are Rs in billion unless otherwise stated)

4. Sector-Wise, Entity Wise and interest rate wise share of the guarantees at end March 2023are as follows:

Table 2: Outstanding Position of GoP Guarantees

Note: The original maturities of major portion of Guaranteed Debt Stock were 5 years and above

5. Guarantees issued against commodity operations are not included in the stipulated limit of 2 percent of GDP as the loans are secured against the underlying commodity and are essentially self-liquidating. These guarantees are issued against the commodity financing operations undertaken by TCP, PASSCO, and provincial governments. The outstanding stock of commodity operations was Rs 1,112 billion at end March 2023.

6. The estimates of guarantees to be issued from April 2023 till June 2024 are as follows:

Table 3: Estimated Guarantees Issuance and Position (Q4 FY 23 and FY 24) (Rs in billion)

Note

• (i) Rollover/refinancing against existing allocated limits to PSEs is not included in the above information;

• (ii) External guarantees are converted into PKR at exchange rate of 290/USD as applicable for budget FY 24

• (iii) The estimates are developed based on requests received so far from different PSEs and issuing wings during the ongoing Fiscal Year

• (iv). The guarantees of which LoCs have already been issued before March 2023 are incorporated in Opening Guaranteed Debt Position as at End March 2023

Statement of Fiscal Risks

The Statement of Fiscal Risks for FY2023-24 is prepared in compliance with Section 4, Sub-Section 3 (b) of the Public Finance Management Act, 2019, which states that the Annual Budget Statement shall also contain a statement of fiscal risks.

Fiscal risks are risks that may lead to deviations in fiscal forecasts presented in the Medium-Term Budgetary Statement, as defined in section 5 of Fiscal Responsibility and Debt Limitation (FRDL) Act 2005. This Statement applies the principle of ‘reasonableness’, which means that only those fiscal risks that have a reasonable chance of materializing over the medium-term are included. The key factors of fiscal risk are summarized as under:

1. MACROECONOMIC RISKS

The global economy has entered 2023 with significant challenges, that is, persistent supply chain issues, inflationary pressures, prolonged RussiaUkraine war, and catastrophic disasters (earthquakes and climatic issues). According to IMF estimates, the global growth is projected to fall from an estimated 3.4 percent in 2022 to 2.8 percent in 2023, then rise to 3.0 percent in the following year. As such, the forecast for 2023 is below the historical (2000-2019) average of 3.8 percent. The rise in central bank’s rates to fight inflation and Russia-Ukraine war continue to weigh on economic activity. The recent reopening of China has paved the way for the expected recovery. Global inflation is expected to remain around 7.0 percent in 2023 and 4.9 percent in 2024, still above pre-pandemic (2017-2019) levels of about 3.5 percent. This situation in the major economies has impacted many developing economies including Pakistan.

2. PUBLIC DEBT AND GUARANTEES

Total public debt (TPD) is a measure of government indebtedness. Under the FRDL Act, 2005, "Total Public Debt" means debt of the government (including the Federal Government and the Provincial Governments) serviced out of the consolidated fund and debt owed to the IMF.

Over the last five years, Total Public Debt of the Government has exceeded the prescribed limit of 60 percent of GDP under the FRDL Act. This is primarily due to consistent fiscal deficits, averaging 6 percent of GDP since 2010, which have led to a rapid build-up of debt. TPD can increase due to both

budgetary and non-budgetary factors, such as unfavorable movements in interest and exchange rates and the realization of contingent liabilities.

3. STATE OWNED ENTERPRISES RISKS

Pakistan’s state-owned enterprises (SOEs) provide a wide range of essential goods and services, and thus play a critical role in Pakistan’s socio-economic development. Given multivariate financial flows between the Government of Pakistan and its SOEs, their ongoing financial and operational performance is a considerable source of fiscal risk.

4. CLIMATE AND NATURAL DISASTER RISKS

Pakistan’s 2021 Nationally Determined Contributions (NDC) has set a conditional target of an overall 50percent reduction of emissions between 2015 and 2030 relative to business-as-usual scenario, with a 15 percent reduction using the country’s own resources, and an additional 35 percent subject to international financial support. Furthermore, quantitative targets are set for energy (by 2030, 60 percent of all energy will be from renewable resources including hydropower) and transport (by 2030, 30 percent of all new vehicles sold will be electric vehicles). The Government has also placed a moratorium on new coal plants and no generation of power through imported coal will be allowed. Similarly, Pakistan also has announced the National Adaptation Plan in 2022, which is expected to be released later this year, for mainstreaming medium and long-term climate change concerns into national policies, strategies, and programs.

5. PUBLIC PRIVATE PARTNERSHIP RISKS

To institutionalize PPPs in Pakistan, the Government established the Public Private Partnership Authority (P3A) through the PPPA Act of 2017 (amended 2022). The Authority operates under the supervision of the Ministry of Planning, Development and Special Initiatives and has mandates, including regulating PPP transactions, helping federal implementing agencies in developing and procuring infrastructure projects through private sector investment, and approving PPP transactions that offer funding solutions to the public sector.

The P3A is responsible for ensuring that "qualified projects" are aligned with national and sectoral strategies, conducting value-for-money analysis for qualified projects, appraising and assessing project risks, evaluating funding requirements, advising and supporting implementing agencies at all stages of

the project cycle, standardizing contractual provisions, developing sectorspecific provisions and templates, analyzing and assessing financial models, and collaborating with international agencies.

The Public Private Partnership Working Party (P3WP) has responsibilities such as approving project concept proposals and project qualification proposals submitted by the implementing agencies to P3A. The Act also outlines the necessary approvals for qualified projects, which must be obtained before the PPP agreement is executed by the implementing agency and the concessionaire. These approvals include those from the P3WP for the project qualification proposal, the RMU for fiscal analysis, the Board of the Authority for the project proposal, and the Executive Committee of the National Economic Council for projects meeting certain criteria, in addition to any other prescribed approvals.

STATEMENT OF ESTIMATED TAX EXPENDITURE

Section 8 of the Public Finance Management Act, 2019 provides that the Federal Government shall, in respect of every financial year cause to be laid before the National Assembly, Finance Bill consistent with Article 73 of the Constitution including a statement of estimated tax expenditure of the Federal Government.

2. A Tax Expenditure statement providing the detail of tax expenditure in FY 2023-24 which involves tax expenditure in sales tax of Rs. 1,294.04 billion, a tax expenditure in income tax of Rs. 423.89 billion, and tax expenditure in Customs Duty of Rs. 521.70 billion, arriving at a total estimated tax expenditure of Rs. 2,239.63 billion is being laid before the Parliament.

(Asim Ahmad) Chairman FBR

Dated: 09-06-2023

Medium-Term Budgetary Statement (2023-24 to 2025-26)

Section 5 of the Fiscal Responsibility & Debt Limitation Act, 2005requires the Federal Government to include a Medium-Term Budgetary Statement, consistent with the principles of sound fiscal and debt management, in the Annual Budget Statement to be laid before the National Assembly each year.

2. FY2022-23 witnessed significant external and domestic events which impacted the economic outlook. The floods of 2022 left a trail of widespread devastation, with losses to infrastructure, agriculture and livelihoods. On the global front, the war in Ukraine disrupted supply chains and surged fuel prices, already high in post-pandemic recovery phase. Resultant inflationary pressures and a high policy rate environment pushed the Government’s borrowing costs to levels that were difficult to sustain. Trust deficit with major lenders added to the economic difficulties as external inflows remained below projections.

3. Major challenge for the Government was to provide relief to the poor and vulnerable segments of the society. With such economic backdrop, this was a daunting task. The Government, however, resolved to take this challenge head on at the cost of its political capital. Rebuilding the very foundation of Pakistan’s economy over short to medium- term with renewed focus on agriculture, IT and industrial sectors are key to improving competitiveness and creating job opportunities. Strengthening social safety nets is the primary objective in these testing times.

4. Increasing revenues over medium-term is critical to meet burgeoning expenditures. The Government is, therefore, gearing up its efforts to optimize tax collection, while ensuring that taxpayers’ facilitation and

business friendly policies remain a bedrock of tax policy and administrative measures. Increased use of IT based solutions at FBR level will not only facilitate taxpayers but also help in broadening the tax net. Tax distortions are being rationalizing, laws and regulations simplified to ensure better compliance levels. Similarly, realizing the importance of non-tax revenues, the Government is exploring all avenues to increase inflows and collecting entities are being sensitized to renew their efforts.

5. On the expenditure side, the Government is ensuring rationalization of non-essential spending with austerity measures in place. Cognizance of improved financial management and discipline over mediumterm will ensure that the Government is able to strike a balance between providing relief to the common man and meet other essential expenditures. Considerable allocations are being made to protect the vulnerable through targeted programs of BISP. Similarly, substantial allocations are being made for provision of subsidized essential food items at Utility Stores. The development portfolio of the Government is also being protected and rationalized to ensure that public funds are utilized to generate economic activity, enhance productivity and create job opportunities.

Green Budget Statement

Pakistan is one of the most vulnerable countries in the world to climate change risks. The Global Climate Risk Index 2021 ranks Pakistan as the eight most vulnerable country susceptible to negative effects of climate change. In view of this challenge, effective measures for climate change mitigation and adaptions are key to sustainable development. Finance Division’s initiative of green-budget tagging is a step towards identifying budgetary allocations which are ‘climate sensitive’, thereby allowing policy makers to have better visibility of expenditures directed towards climate change mitigation. International best practices recommend implementing these strategies through the public finance management cycle, an important component of which is the budget formulation itself starting from the very first step of the Budget Call Circular. This approach is essential for tracking and monitoring climate related expenditures. For FY2023-24, a dual approach is being adopted, whereby climate sensitive cost centers in each demand are be identified and tagged in the SAP system while medium-terms goals, objectives and KPIs on climate change are being identified for development budget through the Performance-Based Budgeting (Green Book). It is hoped that this exercise will lend support to the Government’s strategy for climate change risks mitigation and adaption.

Gender Budget Statement

For FY2023-24, a major initiative of Finance Division is gender responsive budgeting. This is in line with the Constitution of the Islamic Republic of Pakistan which enshrines provision of equal rights and equal treatment to all citizens without any gender discrimination. The objective is to segregate gender-wise expenditures both in current and development budgets, thereby allowing policy makers to have a better handle on gender responsive policies and strategies. This will also support incorporating gender-related objectives in fiscal policies and their implementation. As a first step, ‘gender sensitive’ heads of expenditures in current budget are being identified and tagged in the SAP system. On the development side, goals, objectives and KPIs related to gender are being identified through Performance-Based Budgeting (Green Book). Such tagging will help in tracking, monitoring and reporting gender sensitive expenditures. Going forward, the gender responsive goals and objectives of the Government laid out in multi-year and annual development plans on SDG-5 and other cross-cutting themes like labor, youth, health, education and poverty alleviation can be supported through this tool.

EMPLOYEES RELATED DATA AND IMPLEMENTATION OF

ORGANIZATIONAL MANAGEMENT MODULE

Human Resource Data in the domain of public administration provides valuable insights on a government’s workforce composition and on the government’s ability to recruit, retain and manage its human resource capital. From fiscal point of view Human Resource information serves as an important decision-making tool to help Government rationalize its allocation of resources more efficiently and economically in its employees related data.

In the Budget Call Circular (2023-24) a serious attempt has been made to compile federal government employees’ data, with vacancy positions, and redundant posts separately for bringing greater visibility to the size of the Federal Government employees with specific emphasis on identification of posts that have remained vacant for more than three (03)years. The exercise intends to assess the financial liability involved in the continuation of redundant posts and to rationalize the size of the governments in terms of allocation of funds and resources on to the current side of expenditure.Besides conversion of employees related data on Organizational Management (OM) Module has been intensely pursued to stop manual input of data in the system, eliminating the risk for errors through creation of an Employee Record Management database for better management and administer salary plans and process annual pay raise.In this way OM Module is the most critical feature in maintaining personal information of Employees, by processing payroll entries more efficient t o generate salary slips, to deduct taxes from employee payroll while strengthening the government’s working through automated work flows.

Government of Pakistan Finance Division

STATEMENT OF RESPONSIBILITY

Stated that all policy decisions with material economic or fiscal implications that the Federal Government has made before 09^th June 2023, the day on which the contents of the economic policy statements were finalized and all other circumstances with material economic or fiscal implications of which I was aware before that day, have been communicated to the Secretary of Finance in terms of Section 10(1)(a) of Fiscal Responsibility and Debt Limitation Act, 2005.

The statement to the best of my knowledge provides for

• a) the integrity of the disclosures contained in the economic policy statement;

• b) the consistency with requirements of the Act of the information contained in the economic policy statements; and

• c) the omission from the economic policy statement of any decision or circumstance specified in sub-section (3) of section 8 of the Act.

(Senator Mohammad Ishaq Dar) Minister for Finance and Revenue

Government of Pakistan Finance Division

STATEMENT OF RESPONSIBILITY

Stated that the Finance Division, in terms of Section 10(1)(b) of Fiscal Responsibility and Debt Limitation Act, 2005, has supplied to the Minister for Finance and Revenue, using its best professional judgment on the basis of economic and fiscal information available to it before 09^th June 2023, the day on which the contents of the economic policy statements were finalized, an economic and fiscal statement incorporating the fiscal and economic implications of those decisions and circumstances, but any decisions or circumstances that the Minister for Finance and Revenue has determined under Sub-section (3) of Section 8 of the Fiscal Responsibility and Debt Limitation Act 2005 have not been incorporated in the statement.

IMDAD ULLAH BOSAL

Secretary to the Government of Pakistan

Finance Division,

Islamabad, the 09^th June, 2023