A meeting discusses FY20-21 budget

By Staff Reporter
Tuesday – June 2, 2020
ISLAMABAD: A meeting was held, Monday, to discuss the objectives and considerations for the forthcoming budget-fiscal year (FY) 2020-21.

According to an official statement, prime minister (PM) Imran Khan chaired the high level meeting whereat, the adviser to the PM on finance and revenue (A-PM-FR) Abdul Hafeez Shaikh apprised about the overall state of economy and the philosophy, objectives and considerations for the next budget, FY2020-21.

A-PM-FR Shaikh also dilated upon various constraints of economy, especially in wake of coronavirus (COVID-19) pandemic, that has obliged the government to further focus on providing incentives to the industry for its revival and growth, cutting unnecessary government expenditure, rationalise subsidies and expedite reform process in critical sectors.

Various proposals were discussed in detail to stimulate coronavirus-affected economy, especially ensuring greater participation of the private sector in the development process and promoting public-private partnership to complement public sector development programme (PSDP).

In his remarks, PM Khan stated that the coronavirus pandemic has severely affected the upward trajectory of economy towards stabilisation and strengthening.

He said that the government, despite its financial constraints, provided unprecedented stimulus economic package to support businesses and industry and to minimise the impact of coronavirus.

Discussing priorities for the forthcoming budget, the PM said that every effort should be made to provide all possible incentives to the industry, create jobs for the youth and moving the wheels of economy.

He said that the most affected sectors be identified so as to provide them with maximum possible support in the forthcoming budget.

The PM directed that the process of cutting unnecessary government expenditure should be expedited at all levels including the federal government as well as the provincial governments.

PM Khan stressed upon the need for reviewing the existing system of provision of subsidies to make them target-oriented and ensuring their optimum utilisation.

He said that the present situation calls for expediting reform process in critical sectors so as to reduce burden on national exchequer and provide relief to the masses.

The PM also directed A-PM-FR Shaikh to apprise the people of Pakistan about the current economic situation and the strategy being followed by the government to cope with the challenges.

The meeting was attended by foreign minister Shah Mehmood Qureshi, industries and production minister Muhammad Hammad Azhar, planning minister Asad Umar, A-PM-FR Shaikh, commerce advisor Abdur Razzaq Dawood, institutional reform advisor Ishrat Hussain and senior officials.