Hafeez Chairs Meeting To Devise Modalities For Rs1200 Relief Package Implementation

Adviser to the Prime Minister on Finance and Revenue Dr Abdul Hafeez Shaikh Friday chaired a meeting here at the Finance Division to devise modalities for the implementation of Rs 1,200 billion fiscal stimulation package

ISLAMABAD, (UrduPoint / Pakistan Point News - 3rd Apr, 2020 ) :Adviser to the Prime Minister on Finance and Revenue Dr Abdul Hafeez Shaikh Friday chaired a meeting here at the Finance Division to devise modalities for the implementation of Rs 1,200 billion fiscal stimulation package.

Adviser to the Prime Minister on Commerce Razzak Dawood also attended the meeting, a Finance Ministry press release said.

Prime Minister Imran Khan had announced the Rs1,200 billion relief package to give stimulus to the country's economy.

Various steps had already been taken in this regard, including Rs.100 billion tax refunds and the allocation of Rs 200 billion to provide relief to the daily wagers.

Continuing with the announcement of relief measures for the different sectors, a package for the construction industry was announced Friday.

The package involves giving status of industry to the construction sector, fixation of tax rates for it, reduction in taxes (90%) for those who are involved with the provision of low cost housing facility under the Naya Pakistan Housing scheme and giving Rs 30 billion subsidy for the low cost housing sector and withdrawal of withholding tax on certain construction materials.

The package also involves the setting up of the "Construction Industry Development board", the press release said, adding the construction industry would become practically operational after the April 14 so that the daily-wagers, who were the most vulnerable of the population, would have work to earn a respectable earning for their families, besides receiving a stipend through the Ehsaas programme to supplement their incomes.

In the meeting, a detailed deliberation was done on the overall impact of the pandemic on the economy, the emergency needs that may arise and the ways and means to best utilize the available financial resources with utmost transparency and maximum relief to the poor.

The adviser directed the participants to make the best use of their abilities for providing relief to the worst effected on priority basis, it concluded