Government to present around Rs6 trillion national budget today

ISLAMABAD: The incumbent government, led by the Pakistan Tehreek-i-Insaf, is going to present its first federal budget for the fiscal year 2019-20, with an estimated outlay of around Rs6 trillion on Tuesday (today).

The National Assembly has already been summoned for the presentation of the federal budget, an official notification said.

"The budget focuses on ensuring economic stabilization, undertaking projects which create jobs and providing economic stimulus for sustainable growth," the spokesperson for Finance Division, Dr Khaqan Hassan Najeeb, said.

The Federal Budget 2019-20 would have emphasis on austerity, fiscal discipline, external sector management and protecting the poor, he said, adding that sound policies would lay the foundation of sustainable growth and secure a better future for citizens.

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 socioeconomic prosperity of the country, official sources said.

The main focus in the budget would be on fiscal consolidation, revenue mobilisation while the government is likely to enhance allocations for social safety net for providing maximum relief to the vulnerable segment of the society, they added.

It would also focus on social sector development besides introducing reforms for improving governance and boosting private sector investment.

On the 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 would 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.Sources said the preparations for the announcement of the federal budget for fiscal year 2019-20 continue in full swing in accordance with the prescribed timelines.

The budget was being prepared in close coordination between all departments and ministries involved in budget related events including the presentation of the budget in the Parliament and launching of the Economic Survey, they added.

Since provision of relief to common masses is one of the priorities, hence it was being prepared after extensive consultations with stakeholders including the business community, traders and chambers of commerce and industries, that all have provided valuable and constructive suggestions.