PM directs providing all possible incentives in budget 2020/2021

PM directs providing all possible incentives in budget 2020/2021

ISLAMABAD: Prime Minister Imran Khan on Monday directed the authorities to provide all possible incentives in budget 2020/2021 to industry for job creations and moving the wheels of the economy.

The prime minister chaired a meeting to discuss the objectives and considerations for the forthcoming budget 2020/2021.

The meeting was attended by Foreign Minister Shah Mehmood Qureshi, Minister for Industries and Production Muhammad Hammad Azhar, Planning Minister Asad Umar, Finance Adviser Dr. Abdul Hafeez Sheikh, Adviser Commerce Abdur Razzaq Dawood, Adviser Institutional Reform Dr. Ishrat Hussain and senior officials.

Discussing priorities for the forthcoming budget, the prime minister said that every effort should be made to provide all possible incentives to the industry, create jobs for the youth and moving the wheels of economy.

The prime minister stated that the corona pandemic has severely affected upward trajectory of economy towards stabilization and strengthening.

He said that the government, despite its financial constraints, provided unprecedented stimulus economic package to support businesses and industry and to minimize the impact of corona.

He said that the most affected sectors be identified so as to provide those with maximum possible support in 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 provincial governments.

Prime Minister Imran Khan stressed upon the need for reviewing the existing system of provision of subsidies to make them target-oriented and ensuring their optimum utilization.

He said that the present situation calls for expediting reform process in critical sectors so as to reduce burden on national exchequer and provide relief to the masses.

The prime minister also directed adviser finance to apprise the people of Pakistan about the current economic situation and the strategy being followed by the government to cope with the challenges.

Finance Adviser Dr. Abdul Hafeez Sheikh apprised the meeting about the overall state of economy and the philosophy, objectives and considerations for the next budget 2020-2021.

Dr. Hafeez Sheikh also dilated upon various constraints of economy, especially in wake of corona pandemic, that has obliged the government to further focus on providing incentives to the industry for its revival and growth, cutting unnecessary government expenditure, rationalize subsidies and expedite reform process in critical sectors.

Various proposals were discussed in detail to stimulate corona-affected economy, especially ensuring greater participation of the private sector in the development process and promoting public-private partnership to complement public sector development program.