Prime Minister Imran Khan has said that every effort should be made to provide all possible incentives to industries, create jobs for the youth and moving the wheels of economy. He said that the most affected sectors should be identified to provide them with maximum possible support in the forthcoming budget.
The prime minister stated this while chairing a meeting to discuss the objectives and considerations for the upcoming budget (FY 2020-21).
The meeting was attended by Foreign Minister Shah Mehmood Qureshi, Minister for Industries & Production Muhammad Hammad Azhar, Planning Minister Asad Umar, Finance Adviser Dr. Abdul Hafeez Sheikh, Adviser Commerce Abdur Razzak Dawood, Adviser Institutional Reform Dr Ishrat Hussain and senior officials.
The prime minister said the pandemic had severely affected the upward trajectory of the economy which was headed towards stabilization and strengthening. The government, despite its financial constraints, gave an unprecedented stimulus economic package to support businesses and industry and to minimize the impact of the virus.
Discussing priorities for the forthcoming budget, the prime minister directed that the process of cutting unnecessary government expenditure should be expedited at all levels, including the Federal Government as well as the provincial governments.
Imran Khan stressed the need for reviewing the existing system of provision of subsidies to make them target-oriented and ensure their optimum utilization.
He said the present situation called for expediting the reforms process in critical sectors so as to reduce the burden on the national exchequer and provide relief to the masses. The prime minister also directed the adviser finance to apprise the people about the current economic situation and the strategy being followed by the government to cope with the challenges.
Dr. Hafeez Sheikh apprised the meeting about the overall state of economy and the philosophy, objectives, and considerations for the next budget, FY2020-21. He also dilated upon various economic constraints, especially in the wake of corona pandemic, that had made the government to further focus on providing incentives to the industry for its revival and growth, cutting unnecessary government expenditure, rationalize subsidies and expedite reforms process in critical sectors.
Various proposals were discussed in detail to stimulate the corona-affected economy, especially ensuring greater participation of the private sector in the development process and promoting public-private partnerships to complement the public sector development programme.