ISLAMABAD: Further reduction in inflation and provision of facilities to industries is the top priority of the government, Finance Minister
Federal Finance Minister Muhammad Aurangzeb has said that further reduction in inflation and provision of facilities to industries is the first priority of the government.
Wrapping up the debate on the federal budget in the National Assembly, the Federal Finance Minister said that the members of parliament gave positive suggestions during the budget debate, which we welcome. He said that the process of digitization of FBR and privatization of PIA is being accelerated. The government has started implementing the budget points, with agriculture, education, and health among the government’s priorities.
The finance minister said that agriculture, education and health sectors are important for the government. Charitable hospitals are being considered for exemption from sales tax. He said that strict action will be taken against the shopkeepers who are not part of FBR’s merchant friendly scheme. Savings will be made through pension reforms.
He said that we are proud of the performance of the armed forces. The government will provide the necessary resources to the armed forces. Steps are being taken for CPEC Phase Two. In this regard, the government is taking steps to provide security to Chinese experts.
The Finance Minister said that the government is making progress for the next program of the IMF and is trying to make the next program the last program for Pakistan. In the budget of the financial year 2024-25, priority has been given to the completion of ongoing projects. We have to promote public private partnership.
Muhammad Aurangzeb said that the objective of the federal budget is to reduce the fiscal deficit. The budget has given importance to these proposals under which the government will increase resources and reduce unnecessary expenditure. Measures to reduce the size of the federal government and reduce wastage of resources will be taken immediately. On the instructions of the Prime Minister, the policy of simplicity and austerity will continue in the government institutions in the next financial year as well.
He said that the federal government will continue efforts for financial stability together with the provincial governments. The government is desirous of increasing the overall financial resources of the country in collaboration with the provinces. In this regard, the discussion on the sharing of federal expenses is also going on. In order to balance the budget of the federal government, it is necessary that the provincial governments contribute to the national expenditure. All thanks to His Highness for taking forward the discussion in this matter.
The finance minister said that I want to talk about the defense budget, that the armed forces are always standing like a leaden wall for the safety and defense of the nation. We are proud of the performance and sacrifices of our forces. National security is the top priority. Despite all the financial difficulties, the government will not let any obstacle stand in the way of ensuring the provision of all necessary resources for national defence.
He said that the members of the Senate and the National Assembly have emphasized on measures to promote investment, for which the government is taking concrete steps and the top of this is to implement CPEC Phase Two. The government is taking all possible measures to provide foolproof security to Chinese experts. Through a comprehensive plan, the government will ensure that conspiratorial elements who want to hurt Pakistan-China relations can be crushed.
Muhammad Aurangzeb said that thanks to the Prime Minister and SIFC, positive progress is being made regarding investments in Pakistan from Saudi Arabia, Emirates and other friendly countries and good news will come out in this regard in the near future. .
He said that further reduction in inflation is one of the top priorities of the government. The government has already taken several measures, resulting in lower inflation and hyperinflation from 38 to 11.8. The government will continue its efforts so that inflation is kept to a minimum and the people benefit from it. Some members also emphasized on providing facilities to the industrial sector, in this regard the Prime Minister has announced reduction in electricity tariff for industries. The reduction in policy rates and electricity prices will help the industrial sector.
The finance minister said that the completion of ongoing projects has been prioritized in the budget, which is why 81 percent of the resources have been earmarked for such projects so that the economy gets timely benefits. Public-private partnership is one of the government’s priorities, which is being promoted, which is why 350 billion out of 1500 billion has been allocated for public-private partnership.
He said that I would like to repeat once again that the government attaches great importance to national consensus in economic and economic recovery, for this we all have to continue our best cooperation so that Pakistan can regain its lost position once again. Can bring Finally, the Finance Minister also announced an honorarium equal to three salaries for the National Assembly employees.
