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ISLAMABAD: Prime Minister Imran Khan has told his economic team that next fiscal year's budget must focus on revival and development of corona-affected industrial sector, efficient and effective utilisation of subsidies provided by the government and a reduction in non-development expenditure.

While chairing a high-level meeting on budget, the prime minister emphasized promotion of industrial process and said the provision of all possible facilities to the business community must be the top priority.

Finance Advisor Dr Abdul Hafeez Sheikh outlined the revenue and expenditure for the current financial year, and estimates for the next budget, and briefed the prime minister in detail on the budget priorities for the next financial year.

The prime minister was also briefed on the progress made so far in reform of the FBR.

The premier added that the development needs of the country demanded that full participation of the private sector in development projects be ensured, and therefore the promotion of public-private partnership was a matter of urgency.

The prime minister also directed the finance adviser to finalise the estimates of development expenditure in consultation with the provinces.

In last three days, the prime minister was twice briefed on the budget for the next fiscal year by the adviser on finance.

Dr Hafeez Sheikh also dilated upon various impediments to economy, especially in the wake of corona pandemic that had obliged the government to further focus on providing incentives.

Copyright Business Recorder, 2020