ISLAMABAD: The federal cabinet Tuesday approved the Budget Strategy Paper for financial years 2018-19 to 2020-21 after holding discussions at length and providing useful suggestions for incorporation in the upcoming budget proposals.
The cabinet meeting was chaired by Prime Minister Shahid Khaqan Abbasi here at the PM’s Office, said a press release. During the meeting, the prime minister observed that sustainable income and revenue streams would benefit the country instead of obtaining loans. The paper was discussed at length by the Cabinet and several Cabinet members provided useful suggestions for the upcoming budget proposals.
Authorities from the Finance Division presented the Budget Strategy Paper and briefed about the macroeconomic indicators of the current FY 2017-18.
The secretary finance briefed that the Budget Strategy for FY 2018-19 to 2020-21 was based on four broad targets, including a sustained growth momentum, ensuring fiscal consolidation, managing the balance of payments, and ensuring debt sustainability.
It was informed that the recently announced Economic Reforms Package including lowering tax rates, widening the tax base, real estate reforms, local amnesty, and tightening of foreign exchange would help increase revenues and reduce the deficit.
Prime Minister Shahid Khaqan Abbasi has called for boosting national revenue collection to avoid taking loans from foreign entities.
