Budget to be growth-oriented: Hafeez Shaikh

ISLAMABAD: The next budget will be growth-oriented with the main objective of promoting private sector to create job opportunities for the unemployed youth.This was stated by Minister for Finance and Economic Affairs, Dr. Abdul Hafeez Shaikh while talking to PTV.

He said that the National Economic Council has approved the new growth strategy which will focus on enhancing economic growth rate and create job opportunities for youth.He hoped that under the new strategy, the GDP growth would be enhanced to create job opportunities.

The Minister for Finance said that projects of national economic importance like construction of dams, road networks, bridges and other infrastructure would be given priority in the next fiscal year.

The Minister said that the people who are paying taxes would be given special incentives in the next budget.

Dr Hafeez Shaikh said that the government would have to focus on reducing expenditures to achieve positive results in all sectors.

He said that the government had given subsidy on oil products, utility store items and electricity to facilitate the masses.

He said that a sum of Rs.32 billion had been provided by the government to Benazir Income Support Programme (BISP).

He said that loans which were taken by the past and present governments would have to be paid back.

He was of the view that the aids taken by any government should be utilized in feasible and result-oriented projects.

Dr.Hafeez Shaikh said that recent floods had shaken the economy and developmental projects.

He said that floods not only damaged the infrastructure but also destroyed the standing crops including rice and cotton.

He said that the government was bound to spend Rs 100 billion for relief and rehabilitation.He expressed the hope that next year budget would be growth oriented and business friendly.The minister said that useless expenditure must be avoided in future to achieve progress in all sectors. He urged all the institutions to focus on economic stability.

He said that exports had increased to Rs. 24 billion while remittances have crossed Rs.11 billion mark.

Copyright APP (Associated Press of Pakistan), 2011