ISLAMABAD: Federal Minister for Finance, Dr Abdul Hafeez Shaikh said Friday that growth rate acceleration, employment generation and relief to the common man would be focus of the upcoming budget for fiscal year 2011-12.
Talking to media persons after inaugurating the public lecture that was part of Planning Commission's ‘Economic Growth Seminar Series’, the federal minister said that feedback would be taken from all stakeholders for the upcoming budget.
"Economic experts, parliamentary leaders, representatives of business and chambers of commerce and industry and other stakeholders would be consulted before finalizing the budget proposals," the federal minister said.
Hafeez said that the budget would be prepared keeping in view the changing trends in world adding that the government would present a budget that would facilitate creation of an atmosphere for job creation and growth rate acceleration.
The Minister said that the Economic Advisory Council (EAC) in its recent meeting has thoroughly discussed overall economic situation and upcoming budget.
He said that Pakistan was passing through a crucial time adding that although the growth for the current year was set at 4.5 percent but due to the flood devastation it was revised to remain at 2 percent.
However, he expressed the hope that the growth rate for current financial year would remain at 2.5 percent.
Talking about the oil prices, the federal minister said the government intends to put minimum possible burden on public, adding that it has not enough funds to provide subsidies saying that people must understand the fact.
He said that despite these challenges, there have been positive moments on the economic front saying that the inflation has come down to 14 percent while the exports in February 2011 witnessed about 46 percent increase over the same month of last year.
Remittances would also cross $11 billion mark while the exports are expected to reach $22-24 billion this year, Hafeez added.
He said that foreign exchange reserves were also standing at $17.5 billion.
The wheat production would reach at 25 million tons this year, the federal minister said adding it would definitely bring prosperity in the rural economy.
He said that proposal for making a holding company was also discussed during the EAC meeting.
Regarding the question about taxes, he said that all incomes must be taxed without going into details where from these come adding that there was need for legislation to implement it.
Earlier, speaking at the lecture, the federal minister said that Pakistan economy had witnessed the times of considerable growth; however these spurts could not be sustained.
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