pakistan rupee
Pakistan Rupee Image Credit: Gulf News archives

Islamabad: Imran Khan’s government in Pakistan will present its federal budget for the fiscal year 2019-20 on Tuesday, with an estimated outlay of around Rs6 trillion (Dh147.32 billion).

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

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

The budget 2019-20 would emphasise on austerity, fiscal discipline, external sector management and protecting the poor, he said in a tweet, adding that sound policies would lay the foundation for sustainable growth and secure a better future for citizens.

The budget envisages fiscal management, revenue mobilisation, measures for economic stabilisation 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 of the budget will be fiscal consolidation and revenue mobilisation, while the government is likely to enhance allocations for social safety net for providing maximum relief to 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 to improve tax collection, broaden the tax base, and facilitate tax payers, the sources said, arguing 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 preparations for the announcement of 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, they added. Since provision of relief to common masses is one of the priorities, officials have undertaken extensive consultations with stakeholders, including the business community, traders and chambers of commerce and industries, before finalising the budget.