12092016Fri
Last update: Fri, 09 Dec 2016 12pm

Budgets: 2016-17

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The National Assembly on Wednesday approved the federal budget, including the Finance Bill, incorporating some amendments of the government and recommendations of the Senate for fiscal year 2016-17. Federal Finance Minister Senator Ishaq Dar moved the Finance Bill in the Lower House and it was approved following a thorough discussion on it. The house approved the bill by rejecting all amendments moved by the opposition members.
A Rs 289.356 billion Balochistan Budget 2016-17 with a deficit of Rs 36.485 billion has been unveiled in the session of the Balochistan Assembly held here on Sunday evening. The new fiscal budget includes Rs 218.174 billion of non-development expenditures and Rs 71.182 billion of Annual Development Program.
Punjab Finance Minister Dr Ayesha Ghaus Pasha will present a Rs 1.65 trillion Punjab budget for the fiscal year 2016-17 along with a supplementary budget statement in the provincial assembly on Monday.
KEY MEASURES: On the back of achieving stability in the Macro Economic Framework, the Budget Speech, perhaps rightly, began with claiming that the economy is on track with all macroeconomic indicators confirming good performance. The reference to setting up of such macroeconomic targets in the manifesto and achieving these in three years is again a justifiable claim based on the following:
Several requests to the treasury benches and to members of the opposition for applause by Finance Minister Ishaq Dar during his budget speech reaffirmed his critics' assessment of his desire to expand his circle of admirers from the Prime Minister and his immediate family to members of parliament.
KEY ECONOMIC INDICATORS: Economic Survey 2015-16: Pakistan s economy continues to maintain its growth momentum for the third year in a row, with real GDP growing at 4.71 percent in financial year 2016 which is the highest in eight years. GDP posted a reasonable growth over last year despite a major setback in agriculture growth on account of massive decline in cotton production. However, the loss to some extent is compensated by remarkable growth in industrial and services sector as both these sectors crossed their target growth, while other key macroeconomic indicators (like inflation, fiscal and current account balance) recorded improvement.