Relief To Common Man To Be Top Priority In Upcoming Budget: Hafeez Sheikh

Advisor to the Prime Minister on Finance, Dr Abdul Hafeez Sheikh Saturday said that upcoming federal budget would have three top priorities including provision of relief to common man, resolving economic crisis, and reducing non-developmental expenditures and improving tax collection

LAHORE, (UrduPoint / Pakistan Point News - 1st Jun, 2019 ):Advisor to the Prime Minister on Finance, Dr Abdul Hafeez Sheikh Saturday said that upcoming federal budget would have three top priorities including provision of relief to common man, resolving economic crisis, and reducing non-developmental expenditures and improving tax collection.

He expressed these views in a meeting with business community here at Governor's House. Punjab Governor Chaudhry Muhammad Sarwar, Advisor to the Prime Minister on Commerce Abdul Razak Dawood, Minister of State for Revenu Hammad Azhar, Punjab Finance Minister Hashim Jawan Bakht, APTMA Group Leader Gohar Ejaz, Iftikhar Ali Malik, Lahore Chamber's President Almas Hyder, SVP Khawaja Shahzad Nasir and business leaders from other cities were also present.

The meeting discussed in detail the problems being faced by the business community as well as ways and means to jack up the country's exports and overall economy. The businessmen also presented budget proposals about their respective sectors in the meeting.

Dr Abdul Hafeez Sheikh said that after the IMF (International Monetary Fund) package, the World Bank (WB) and Asian Development Bank (ADB) would also provide loans to Pakistan at low mark-up, adding that both the banks were expected to give two to three billion US dollars which would further improve economy.

When Pakistan Tehreek-e-Insaf (PTI) came to power, he continued, the country's economic situation was not encouraging and promising that left no other option for the PTI government but to take tough decisions such as increase in gas and electricity tariffs. The recent programme with the IMF, he added, was also one of the difficult decisions taken to steer the country out of economic quagmire.

Dr Abdul Hafeez Sheikh mentioned that long-term policies were also being put in order to stabilise Pakistan economically, asserting that today's difficult time and decisions would bring in prosperity for people and country's progress in future.

Despite all odds, he said that the incumbent government had narrowed down the trade deficit; decreased pressure on foreign exchange reserves; improved governance and initiated Ehsas Programme to help the poor segments of society. A huge grant of Rs 216 billion was being earmarked to give subsidy to the electricity consumers, using less than 300 units per month, he added.

On this occasion, Punjab Governor Chaudhry Muhammad Sarwar assured the business community of fulfilling all promises made with them by the PTI government. He added that the government and the business community were on the same page with regard to development and progress of the country. He said that the PTI was the first government focusing on long-term policies instead of takingshort term-policies measures to provide temporary relief to masses.

Abdul Razak Dawood said that investment and trade promotion was the pivot of the PTI government's policies, and Pak-China Business Forum would not only help enhance trade activities but also improve linkages between business communities of both the countries. He said that the government was taking steps for the ease of doing business and this connection, DTRE system was being simplified futher.

Minister of State for Revenue Hammad Azhar said that broadening the tax base was need of the hour to tackle the prevailing economic challenges. He asserted that 57 per cent of the tax revenue of the federal went to provinces.