The Government is set to launch the pre budget document, Pakistan Economy Survey 2016-17, tomorrow; a day before the launch of budget on 26th May, 2017. Senator Ishaq Dar will launch the pre budget document highlighting the overall performance of the economy during the outgoing year.
Finance Minister, Ishaq Dar, will also present the fifth budget with an estimated outlay of Rs 4.8 trillion for the fiscal year of 2017-18 in the Parliament on May 26th Friday. The budget will focus on; inclusive growth, decreases in non development expenditure, boosting exports, besides providing a relief to the masses by increasing the safety net for those are most vulnerable. The budget aims at promoting investment for job creation, policies which will have an impact on the socio-economic well being of the people.
The budget in an effort to strengthen the revenue stream of the government will introduce measures for advancements and improvements of the tax collection systems, broadening the tax base, and facilitation for the tax payers.
On the growth front the budget aims to achieve a target of 6% annual growth from the incumbent year. The target would be achieved by introduction of various fiscal measures and policies.
It may be noted that in an earlier meeting of National Economic Council (NEC), chaired by Prime Minister Nawaz Sharif, GDP growth target of 6% for the financial year of 2017-18 had already been approved while the GDP growth rate of 5.3 percent was achieved during the outgoing year. The ENC also approved the consolidated budget of Rs 2.5 trillion, highest recorded increase in outlay. The approved budget included funds of Rs 1001 billion for the Federal Public Sector Development Programme (PSDP), Rs 1112 billion Provincial PSDP while Rs 400 billion would be utilized by various organizations from their own revenues to carry out their respective developmental projects.