Hammad Azhar presents federal budget 2019-20 in NA
Hammad Azhar NA 750x369
Minister of State for Revenue Hammad Azhar is presenting the first budget for fiscal year 2019-20 of the Pakistan Tehreek-e-Insaf (PTI)-led federal government, amid much criticism from the opposition parties over ‘ineffective economic policies, with an approximate outlay of Rs6.7 trillion, in a session of the National Assembly (NA) in Islamabad today (Tuesday).
Dunya News reported that a debate would be sparked in Parliament if the budget is presented by Advisor to the Prime Minister Imran Khan on Finance Abdul Hafeez Shaikh.
The budgetary proposals will be presented in the National Assembly which has been convened at 5.00 pm. Prior to the presentation of the budget, Prime Minister (PM) Imran Khan will preside over a meeting of the federal cabinet in Islamabad.
It will discuss and approve the budgetary proposals for the next fiscal year.
Adviser to the PM on finance Hafeez Sheikh will brief the cabinet about the budgetary proposals. A copy of the finance bill 2019-20 will also be laid before the Senate which has been convened to meet at 6pm.
The budget envisages fiscal management, revenue mobilization, measures for economic stabilization and growth, reduction in non-development expenditures; boosting exports besides providing relief to the masses, promoting investment for job creation and people friendly policies for the socio economic prosperity of the country.
Main focus in the budget would be on fiscal consolidation, revenue mobilization while the government is likely to enhance allocations for social safety net for providing maximum relief to vulnerable segment of the society, sources familiar with the matter told the media.
The budget is anticipated to focus on the development of the social sector, besides introducing reforms for improving governance and boosting private sector investment.
For improving tax revenue collection, the government aims to introduce effective measures for bringing improvements in the domain of tax, broadening the tax base, and facilitation to tax payers.
The PTI is of the view that a strong revenue generation will play a critical role in achieving the targets for economic growth, and therefore it is likely to set the revenue collection target at Rs5.55 trillion for the fiscal year 2019-20.
