ISLAMABAD (APP) – The democratic government of PML-N is all set to present its third Federal Budget with an outlay of over Rs 4 trillion for Fiscal Year 2015-16 before the Parliament on June 5.
A special budget session of the parliament (National Assembly and Senate) has already been summoned by the President of Pakistan.
Finance Minister, Senator Mohammad Ishaq Dar would lay budget proposals for the Financial Year 2015-16 for the third time in the house, sources said adding these budget proposals would first be presented for approval before the Federal Cabinet in its special session to be chaired by Prime Minister Nawaz Sharif.
The upcoming national budget envisages revival of economy, overcoming challenges at economic front particularly resolving the energy crisis and reducing non-development expenditures and providing relief to the masses besides promoting investment and people friendly polices for the socio economic prosperity of the country.
Federal Minister for Finance, Senator Muhammad Ishaq Dar will announce the budget in the Friday afternoon, after its formal approval from the Federal Cabinet, sources in the Ministry of Finance said.
“Overcoming the energy crisis, stabilization of economy,cutting down the non-development expenditures, enhancing productivity through new growth strategies, further reducing fiscal deficit and inflation, enhancing revenue collection and welfare of the people would be featured as priorities in the upcoming budget,” they added.
The Budget is likely to enhance allocations for social safety net including National Income Support Programme (NISP) for providing maximum relief to vulnerable segment of the society.
It would also focus on social sector development and revenue enhancement measures, besides reforms would also be introduced for improving governance and boosting private sector investment for the prosperity of the country.
Meanwhile, the National Economic Council (NEC),chaired by Prime Minister Muhammad Nawaz Sharif had approved the Gross Domestic Product (GDP) growth target at 5.5 percent for the financial year 2015-16.
The NEC also approved Rs 1.514 trillion development outlay including Rs 700 billion as federal Public Sector Development Program (PSDP) and Rs 814 billion as provincial Annual Development Programme (ADP).
Growth target for FY 2015-16 for agriculture sector has been set at 3.9 percent, manufacturing sector at 6.1 percent, while exports target has been set at $ 25.5 billion.
The meeting was given an overview of the state of country’s economy in 2014-15 in addition to being briefed about budget outlay for financial year 2015-16.
The meeting approved the macroeconomic framework for Annual Plan 2015-16. Progress report of CDWP (Central Development Working Party) from April 2014 to March 2015 was also presented before the NEC and Planning Commission was authorized to publish the 11th Five Year Plan.
The Prime Minister had also directed that funds for projects being funded by the federal government should be properly allocated to priority projects in complete coordination with provincial governments to ensure optimum utilization of funds and to reduce chances of duplication.
It may be recalled that the government had also initiated $ 46 billion China Pakistan Economic Corridor (CPEC) project with the help of China to further boost national economy, by developing energy and infrastructure projects for the benefit of the people of the four provinces and entire country.
It is worth mentioning here that during the outgoing fiscal year the economy has witnessed significant improvement as the macro economic indicators were showing resilience.
During the outgoing fiscal year the government had successfully brought down the fiscal deficit which stood at over 8 percent two years ago and inflation also recorded the lowest level during last 11 years.
The government has also successfully concluded the 7th review with the International Monetary Fund (IMF) as the Fund lauded the economic performance and policies of the government.
All targets were achieved and no waiver was sought from the IMF in 6th and 7th reviews with the fund,which was a good omen for national economy.
