ISLAMABAD:The Pakistan Tahreek-i-Insaf led government is all set to present its first Federal Budget for the fiscal year 2019-20 in the Parliament on June 11 (Tuesday).
The budget envisages fiscal management, revenue mobilisation, measures for economic stabilisation and growth, reduction in non-development expenditures and boosting exports besides providing relief to the masses. It will also focus on promoting investment for job creation and people friendly policies for the socio economic prosperity of the country.
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 vulnerable segment of the society, sources said.
It would also focus on social sector development besides introducing reforms for improving governance and boosting private sector investment.
On 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 will 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.
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 has been 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.
Meanwhile, the Pre-budget document presenting state of country’s economy, ‘the Economic Survey of Pakistan’ is likely to be launched on June 10 (Monday). The survey would highlighting the overall performance of economy during the outgoing fiscal year, providing a realistic feedback and basis for future planning.