ISLAMABAD: The Prime Minister Muhammad Nawaz Sharif has said the focus of the next year’s budget would be on achieving higher, sustainable and inclusive growth.
He was chairing the cabinet meeting on ‘Budget Strategy Paper 2017-20’.
The Prime Minister said the government is determined to increase investments in both human and physical infrastructure. In this regard, highest priority would be accorded to increase in development budget and poverty reduction. He said the time has come for the nation to reap the benefits of the economic policies of the government.
Muhammad Nawaz Sharif asked members of the cabinet to suggest measures which would discourage Hundi and other informal channels for money transfers to increase foreign remittances through regular channels.
The Prime Minister appreciated market capitalization in the stock exchange that would soon touch 100 billion dollar.
Finance Minister Muhammad Ishaq Dar while briefing the meeting said the government has devised a medium-term macro-economic strategy to increase foreign reserves and reduce fiscal deficit. He said fiscal deficit of the federal government would be brought down to 4% of GDP by June 2020. He said the upcoming budget will demonstrate fiscal prudence while focusing on key investment sectors such as CPEC, energy, communications and poverty reduction.
The Finance Minister said government would aim to achieve six percent of economic growth and enhance efforts to increase revenue generation in the budget year 2017-18.
The meeting was also informed about the government’s resolve to provide incentives to the farmer community for enhancing agriculture productivity.
The Prime Minister directed the cabinet members to accord priority to the areas under their domain that could lead to improved economic growth and generate additional employment opportunities.—Radio Pakistan