Target of next year's budget is fiscal consolidation, provision of relief to masses: Finance Minister

Islamabad: Finance Minister Miftah Ismail has said the target of next year's budget is fiscal consolidation and provision of relief to the general masses.

While addressing the post budget press conference along with Minister for Information and Broadcasting Marriyum Aurengzab, Minister of State for Finance Aisha Ghaus Pasha, Miftah said that the budget of Benazir Income Support Program (BISP) has been increased by 35% to 40%. 

“Flour, sugar and ghee will be provided on discounted rates at Utility Stores Corporation throughout the year,” he stated. 

The Finance Minister said the government has taken difficult decisions keeping in view the interest of the country. We have reduced our expenditures as well as subsidy on power and gas to reduce deficits. 

He said the debt servicing has been estimated at 3950 billion rupees.

The Federal Minister said that tax collection target of over seven thousand billons rupees has been set for next fiscal year while non-tax revenue target has been set at two thousand billion rupees. 

Miftah Ismail said the government has imposed additional taxes on the well-off people while efforts have been made to reduce the tax on personal income tax.  

“Pakistan is a dignified nuclear power state and we will have to correct the course of our economy,” he added.

Alluding to the soaring prices of palm oil in the international market, the Finance Minister said the package of 20 billion rupees have been given to promote the cultivation of oil seeds.

The Finance Minister said special emphasis is being given to bolster our exports, expressing the confidence that these will touch 35 billion dollars mark in the next fiscal year.

In her remarks, Minister of State for Finance Aisha Ghaus Pasha said that our aim is to ensure economic stability and take the country towards the track of growth. She said the philosophy of the budget in these difficult times had been to put minimum burden on the comman man.  

“Subsidy has been given to the farmers to enhance agro productivity and cut the import bill of food items,” she revealed.  

She further added that reducing budget deficit and non-imposition of indirect taxes are anti-inflationary measures which were taken to protect the poor.