According to details, Finance Advisor Abdul Hafeez Sheikh while addressing a news conference on Economic Survey said that our foreign exchange has decreased to 8. 8.9 billion due to keeping the dollar cheap but exports have increased but our expenditure has been more than our income this financial year.
The finance adviser said that our priority is to increase resources. The government decided to take steps to increase taxes while facilitating the provision of gas, electricity and loans to the business sector.
The current account deficit of 20 20 billion was reduced to 3 3 billion
Abdul Hafeez Sheikh said that we have taken the economy out of danger. We have reduced the current account deficit of ارب 20 billion to 3 3 billion. New loans of Rs. 5,000 billion have been taken to repay old debts and for the first time in the history of the country. The higher the income, the lower the expenses.
He thanked General Bajwa for freezing the army budget
He said that the balance of the budget was positive for the first time. He thanked General Bajwa for freezing the budget of the Army. No loan was taken from the SBP during one year and no supplementary funds were paid to any institution during that period.
The Finance Adviser said that this year the dependence on external funds has been reduced, taxes have been increased, expenditure has been reduced while imports have been reduced to ensure supply of dollars.
Abdul Hafeez Sheikh said that providing facilities to export sectors is the priority of the government, increase in taxes, reduction in expenditure, repayment of external loans is a priority. Rs 701 billion has been spent for PSDP while Rs 192 billion has been set aside for social safety net.
He said that Rs. 2.5 crore would be provided to the private sector for development programs.
National income and tax collection
The financial adviser said that economic activities were badly affected due to Corona and it is difficult to estimate the losses. Corona caused a loss of 3.5 to 3.5% in the national income. Tax collection has reached Rs 3,900 billion. There was a decrease of Rs. 800 billion.
Government relief package
Abdul Hafeez Sheikh said that the government has given two types of relief packages. The government has given a relief package of Rs. 1,240 billion and has provided easy loans to small businesses to save from losses. The money is being provided while 10 million families have been given financial assistance so far. 100 million Pakistanis will benefit from the provision of financial assistance.
Improvements in the agricultural sector
He said that wheat worth Rs. 280 billion was procured, double amount was provided for procurement of wheat in the current financial year, additional amount was provided for the improvement of agriculture sector and government introduced a scheme of Rs. 50 billion for small business loans. Will provide
Discount for low-income people through utility stores
The finance adviser said that relief was provided to low-income people through utility stores and up to 15 per cent discount was given through utility stores during Ramadan.
Abdul Hafeez Sheikh said that Rs. 30 billion has been earmarked for housing scheme for low income people. In the housing scheme, tax concessions have been given to low income people. Up to 90 percent tax exemption has been given to low income people. Directed.
Proposal to provide funds for social sector development
He said that the transport and communication sector has also limited the fiscal deficit of GDP affected by Corona while it is proposed to provide funds for the development of social sector. Due to Corona’s situation, taxes will be reduced. Sectors will be given tax concessions.
The Finance Adviser further said that efforts will be made not to impose new taxes in the next budget. No final opinion can be given on economic indicators. Exports have increased during the last one month. Last year’s tax revenue target was higher than expected.
