Over Rs 4.8 trillion Federal Budget to be presented on Friday

402
Over Rs 4.8 trillion Federal Budget to be presented on Friday

ISLAMABAD, May 30 (APP): The democratic government of
PML N is all set to present its fourth Federal Budget with an
outlay of over Rs 4.8 trillion for Fiscal Year 2016 17 before the Parliament on June 3 (Friday).

A special budget session of the parliament (National
Assembly and Senate) has already been summoned by the
President of Pakistan.

Finance Minister, Senator Muhammad Ishaq Dar would lay
budget proposals for the Financial Year 2016 17 for the fourth time in the house, official sources said here on Monday.

They said that these budget proposals would first be
presented for approval before the Federal Cabinet in its special session.

The upcoming national budget envisages revival of
economy, further improving economic growth, overcoming challenges at economic front particularly resolving the energy crisis, maintain fiscal discipline and reducing non development expenditures and providing relief to the masses besides promoting investment for job creation and people friendly polices for the socio economic prosperity of the country.
In this years budget focus would be made on development
of energy, infrastructure and human resources sectors.

The China Pakistan Economic Corridor (CPEC) projects would be prioritized to make the project operationalized as soon as possible.

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

“Overcoming the energy crisis, stabilization of
economy, cutting down the non development expenditures, enhancing productivity through new growth strategies, further reducing fiscal deficit and inflation, enhancing revenue collection and welfare of the people would be featured as priorities in the upcoming budget,” the sources added.
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 Program (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.