Cabinet approves budget proposals; PM says hard decisions have to be made for economic progress
ISLAMABAD (92 News) – The Federal Cabinet approved budget proposals during a meeting in Islamabad on Tuesday.
The meeting presided over by Prime Minister Nawaz Sharif discussed economy and proposed targets for the next financial year.
Addressing the meeting, Prime Minister Nawaz Sharif said the next budget should focus on maximum relief to the people so that they can also reap the fruits of stability in country’s economy. “Strict decisions have to be made for economic progress.”
He appreciated the fact that key economic indicators have improved during last two years.
He said efforts are underway to reduce tax rates and duties and broaden the tax base to increase revenue collection.
The prime minister said the people should willingly pay their taxes.
The cabinet meeting took note that while benefits of mega projects in the pipeline will start unfolding in next 5-10 years, immediate measures are needed to strengthen the benefits of recent stabilization measures with the help of the private sector.
The prime minister directed the Commerce Ministry to gear up efforts to increase country’s exports.
Finance Minister Ishaq Dar briefed the cabinet about the performance of economy and efforts being made to strengthen economy.
Sources revealed that an amount of Rs 359 billion has been allocated for the China-Pakistan Economic Corridor (CPEC) project. “A target of Rs 3,100 billion has been given for tax recoveries.”
They said that Rs 580 billion has been allocated for the Public Sector Development Programme and Rs 772 billion for defence expenditures.