ISLAMABAD: The Adviser to the Prime Minister on Finance, Dr Abdul Hafeez Shaikh, apprised the prime minister on Monday that providing incentives to the industry for revival and growth, slashing unnecessary expenditure and rationalise subsidies, and expedite reform process in critical sectors would constitute priorities of the government in the forthcoming 2020-21 budget.
A meeting was presided over by Prime Minister Imran Khan to discuss the objectives and considerations for the forthcoming budget (2020-2021).
Dr Sheikh apprised the meeting about the overall state of economy and the philosophy, objectives and considerations for the next budget. He also dilated upon various constraints of economy, especially in the wake of coronavirus pandemic that has obliged the government to further focus on providing incentives.
Various proposals were discussed in detail to stimulate the corona-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.
The premier, in his remarks, stated that the corona pandemic has severely affected upward trajectory of economy towards stabilization and strengthening.
He said the government, despite its financial constraints, provided an unprecedented economic stimulus package to support businesses and industry and to minimise the impact of the coronavirus.
Discussing priorities for the forthcoming budget, the prime minister said that every effort should be made to provide all possible incentives to the industry, to create jobs for the youth, and to move the wheels of the economy.
He said the most-affected sectors be identified, so as to provide them with maximum possible support in the forthcoming budget.
The prime minister directed that the process of cutting unnecessary government expenditure should be expedited at all levels.
The prime minister stressed upon the need for reviewing the existing system of provision of subsidies to make them target-oriented and ensuring their optimum utilization.
He said the present situation calls for expediting reform process in critical sectors so as to reduce the burden on the national exchequer and provide relief to the masses.
The prime minister also directed the adviser on finance 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 Mahmood Qureshi, Minister for Industries and Production Muhammad Hammad Azhar, Planning Minister Asad Umar, Finance Adviser Dr Abdul Hafeez Sheikh, Adviser Commerce Abdur Razzaq Dawood, Adviser Institutional Reform Dr Ishrat Hussain, and senior officials.
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