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PM calls cabinet meeting ahead of federal budget

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ISLAMABAD: As the Pakistan Tahreek-e-Insaf (PTI) led government is all set to present its first budget, Prime Minister Imran Khan has summoned a special meeting of the federal cabinet to give finalise Federal Budget for the fiscal year 2019-20 on Tuesday (tomorrow).
The federal budget will be presented on June 11 (Tuesday) in the Parliament.
The meeting is expected to give approval for Rs6.8 trillion federal budget and the budget deficit would be Rs3 trillion.
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 said.
The government has proposed to allocate more than Rs250 billion for the payments of interests on loans, while a total of Rs925 billion would be allocated for development program of the federal government.
On revenue side, the government would introduce measures for bringing improvements in the system of tax collection, broadening the tax base, and facilitation to tax payers, they said and argued that a strong revenue generation will play a crucial role in achieving the targets for economic growth. The government is likely to set the revenue collection target at Rs5.55 trillion for the fiscal year 2019-20.