Over Rs 4.8 trillion Federal Budget to be presented on Friday

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ISLAMABAD, June 1 (APP): Finance Minister Senator Muhammad Ishaq Dar will present the fourth Federal Budget of Pakistan Muslim League-Nawaz government with an outlay of over Rs 4.8 trillion for the fiscal year 2016-17 in the Parliament on June 3 (Friday).

Special budget sessions of the National Assembly and Senate
have already been summoned by President Mamnoon Hussain.

According to official sources, the budget will envisage
further improving economic growth, overcoming challenges,
particularly the energy crisis, maintaining fiscal discipline and
reducing non-development expenditures and providing relief to the masses, besides promoting investment for jobs creation and people friendly polices for the socio economic prosperity of the country.

Main focus in the budget would on the development
of energy, infrastructure and human resource sectors.
The China-Pakistan Economic Corridor (CPEC) projects
would be prioritized.

The Budget is likely to enhance allocations for social
safety net for providing maximum relief to vulnerable segment of the society.

It would also focus on social sector development and
revenue enhancement measures, besides reforms would also be introduced for improving governance and boosting private sector investment for the prosperity of the country.
The National Economic Council (NEC), chaired by Prime
Minister Muhammad Nawaz Sharif through video link from London approved Rs 1.675 trillion development outlay including Rs 800 billion as federal Public Sector Development Programme (PSDP) and Rs 875 billion as provincial Annual Development Programme (ADP).

The NEC was informed that 4.71 growth rate was achieved
during the outgoing fiscal year (2015-16), which is the
highest growth of last 8 years while other economic indicators have shown a marked improvement in the fiscal year 2015-16.

The sources said that “Pakistan of today 2016 is far
better then the country was in 2013 and now its is gradually
progressing” adding that the economy was now on the take off stage and would further improve.

They further said that the National Economic Council
(NEC) in its meeting held yesterday has fixed GDP growth rate target of 5.7 percent for the forthcoming budget 2016-17.

They expressed the hope that keeping in view of improving economy, the government would be able to achieve the
said target of 5.7 percent.

The Government had earmarked Rs.1,675 billion in the
forthcoming budget for the development schemes under the
Public Sector Development Programme (PSDP) for the year
2016-17.

“Out of the total allocation, Rs.875 have been earmarked
for the provinces,”, the sources said .

Giving break up of the allocation, they said that Rs.
468 billion were allocated for infrastructure including Rs.157
billion for power, Rs.260 billion for transport and
communications, Rs. 33 billion for water, Rs.18 billion
for Physical Planning and Housing.

Out Rs.89 billion allocated for social sector, Rs.29
billion were earmarked for Education including Higher
Education Commission (HEC), Rs.30 billion for Health and
Population, Rs.20 billion for Sustainable Development Goals
Program and Rs.10 billion for other Social sectors.

The sources added that, Rs.9 billion were allocated for
Science and IT, Rs. 8 billion for Governance, Rs.42 billion
for Special Areas including AJK, FATA and Gilgit-Baltistan
respectively.

They added that out of Rs.4 billion for Production, Rs.
2 billion each were earmarked for industries and Food and
Agriculture sectors while, Rs.28 billion were earmarked for
special federal development programme under PSDP.

The sources added that government in the Budget 2016-17
is likely to announce a special package for the promotion of
agriculture sector in the country.

The budget speech of the Finance Minister would be
broadcast and telecast live from the Parliament House on the Friday afternoon.