ISLAMABAD – Finance Minister Miftah Ismail said on Saturday that Pakistan is currently facing a “difficult phase” and that the target of next year’s budget is fiscal consolidation and provision of relief to the masses.
Addressing the post budget press conference Minister for Information and Broadcasting Marriyum Aurengzab, Minister of State for Finance Aisha Ghaus Pasha, he said that the budget of Benazir Income Support Program (BISP) has been increased by 30 to 40 percent.
He said that flour, sugar and ghee will be provided on discounted prices at utility stores throughout the year, state broadcaster reported.
Ismail said that the government has taken difficult decisions to restore the economic stability, adding that the government has adopted austerity by reducing its expenditures, adding that withdrawing subsidy on power and gas will help reducing budget deficits.
Miftah Ismail said that tax collection target for next fiscal year has been set at over Rs7,000 billion while non-tax revenue target has been set at Rs2,000 billion. He said the debt servicing has been estimated at Rs3,950 billion.
Finance Minister Miftah Ismail said we have imposed additional taxes on the well-off people while efforts have been made to reduce the tax on personal income tax. He said Pakistan is a dignified nuclear power state and there is a need to correct the course of our economy.
Alluding to the soaring prices of palm oil in the international market, the Finance Minister said the package of Rs20 billion have been given to promote the cultivation of oil seeds.
With special measures taken in the budget, he hoped that the country’s exports will touch $35 billion mark in the next fiscal year.
