Budget to focus on economic stability, growth: Rana Afzal

ISLAMABAD, Apr 23 (APP):The budget for the upcoming fiscal year 2018-19 will focus on economic stability and growth, as the government had taken feedback from all the stakeholders for preparing the budget, Rana Muhammad Afzal said Monday.
Briefing the National Assembly’s Standing Committee on Finance, Revenue and Economic Affairs, he said that proposals were taken from ministries, divisions, chambers, associations and other stakeholder to prepare the budget for fiscal year 2018-19.
The meeting was chaired by Qaiser Ahmad Sheikh while among others it was attended by Isphanyar M. Bhandara, Sheikh Fayyaz-ud-Din, Nafisa Shah, Syed Mustafa Mehmud, Asad Umar, Abdul Rashid Godil and representatives from finance division, Federal Board of Revenue and representatives of different business organizations.
Rana said that the budget preparing exercise was continuing and hopefully the budget document would be ready for presentation in a couple of days, adding there would be continuity of the government policies and no major change would be introduced.
When the members asked why the government was presenting this budget when it had to be implemented by the incoming government, the minister said that budget provided guidelines for whole year.
He said that it would be prerogative of the upcoming government to continue with the same budget policy or change it.
The committee recommended that the government should only present budget for four months and leave the matter to upcoming government.
The minister categorically rejected the misperception that budget was aimed at pre-poll rigging, saying the government would focus on ongoing project in the Public Sector Development Programme (PSDP).
He said that the members of the committee could discuss with government if they oppose inclusion of new projects in the PSDP, as they deem it to give advantage to the incumbent government in elections.
On the occasion, Special Secretary Finance informed the committee about various features upcoming budget. He said that
5.8 percent growth rate would be well in range during the current financial year (2017-18) adding, if manufacturing sector continued showing better performance, the growth might touch 6 percent.
He said that so far 5.6 growth rate was 13 years highest, adding that the target for next year could be 6.2 percent. He said that inflation was well under the limits while the FBR was also hopeful to achieve its revenue collection targets set for the year.
He said that the exports had also witnessed positive growth which was a good sign for economy and expressed the hope that the current account deficit would also reduce.
Admitting that the government was facing many challenges, he said that there would be no need of bailout package.
On the occasion, the committee approved the Foreign Assets (Declaration and Repatriation) Bill 2018 with one amendment while majority of the members rejected the Voluntary Declaration of Domestic Assets Bill 2018 and The Income Tax (Amendment) bill 2018.