ISLAMABAD: Prime Minister Imran Khan said on Monday that all efforts should be made to incentivize the country’s industrial sector and create jobs for the youth.
Chairing a meeting to discuss the objectives and considerations for the forthcoming budget (FY 2020-21, the PM said that the most affected sectors be identified so as to provide them with maximum possible support in the forthcoming budget.
The meeting was attended by Foreign Minister Shah Mehmood Qureshi, Industries & Production Minister Hammad Azhar, Planning Minister Asad Umar, Finance Adviser Dr Abdul Hafeez Sheikh, Commerce Adviser Abdur Razzak Dawood and Institutional Reform Adviser Dr Ishrat Hussain.
The PM said the coronavirus pandemic had severely affected the upward trajectory of economy, adding that the government, despite its financial constraints, gave an unprecedented stimulus economic package to support businesses and industry, and to minimize the impact of coronavirus.
Discussing the priorities for the forthcoming budget, the PM directed that the process of cutting unnecessary government expenditure should be expedited at all levels, including the federal government as well as the provincial governments.
Imran Khan stressed the need to review the existing system of provision of subsidies to make them target-oriented and ensure their optimum utilization.
He said the present situation called for expediting the reforms process in critical sectors so as to reduce the burden on the national exchequer and provide relief to the masses.
The PM also directed the adviser finance to apprise the people about the current economic situation and the strategy being followed by the government to cope with the challenges.
Dr Hafeez Sheikh apprised the meeting about the overall state of economy and the philosophy, objectives and considerations for the next budget, FY2020-21.
He also dilated upon various economic constraints, especially in the wake of corona pandemic, that had made the government to further focus on providing incentives to the industry for its revival and growth, cutting unnecessary government expenditure, rationalize subsidies and expedite reforms process in critical sectors.
Various proposals were discussed in detail to stimulate the corona-affected economy, especially ensuring greater participation of the private sector in the development process and promoting public-private partnership to complement public sector development programme.