Mustafa Kamal, however, considering the price trend of oil, gas, and fertilizer in the international market, the estimated subsidy and incentives spending can be 15-20 per cent higher than the initial estimates, which may pose a challenge in the budget management for the next fiscal year.

Despite the Covid pandemic, during FY 2020-2021, remittance earning was impressive.

"Due to the sluggish economic recovery in our major overseas labour markets because of the Covid pandemic and the ongoing Russia-Ukraine conflict, there has been stagnation in remittance earning in the current fiscal year," the finance minister added.

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