ISLAMABAD:
The government is all set to present its second federal budget with an
outlay of about Rs3.864 trillion for the fiscal year 2014-15 before
parliament on Tuesday (tomorrow).
A special budget session of parliament (National Assembly and Senate) has already been summoned by the president.Finance Minister Senator Ishaq Dar will lay the budget proposals for the financial year 2014-15 in the House, sources said adding these budget proposals will be presented first for approval before the federal cabinet in its special session to be chaired by Prime Minister Nawaz Sharif.
The national budget for the upcoming financial year (2014-15) envisages revival of the economy and overcoming the challenges. “Overcoming the energy crisis, stabilisation of the economy, cutting down the non-development expenditure, enhancing productivity through new growth strategies, reducing the fiscal deficit and inflation, enhancing revenue collection and welfare of the people will feature as priorities in the upcoming budget,” they added.
The budget will also focus on social sector development and revenue enhancement, besides reforms will also be introduced for improving governance and boosting the private sector investment.
The National Economic Council (NEC), with Prime Minister Nawaz Sharif in the chair, has already approved the Annual Plan 2013-14 and proposed the Annual Plan for 2014-15 and Vision-2025.
The NEC has also approved the allocations for the Diamer Bhasha Dam, Karachi Coastal Power Project, Dasu Hydro power project, Neelum Jehlum hydro power project, Chashma NPP, Jamshoro power project, Tarbella Extension IV project, Nandipur power project, Chichon-ki-Malyan Power project, Gomal Zam project, Kurram Tangi Dam and Golan Gol hydro power project.
Infrastructure projects including the Lahore-Karachi Motorway, Hasanabdal-Havelian-Mansehra Road project, Peshawar Northern Bypass, Raikot-Islamabad project, Gwadar Airport, Gwadar Free Economic Zone and construction of a jetty and infrastructure development at the Gaddani Power Park also received the approval of the NEC.
The government has already approved Rs53.5 billion for land acquisition cost of the Lahore-Karachi Motorway of which 25.5 billion have already been released. As part of decent democratic traditions in Pakistan, the opposition parties are given maximum time to take the floor and freely express their point of view on budget allocations in the House. The valuable proposals and suggestions from either sides are taken care of by the finance minister while winding up the debate.
Apart from diplomats and other dignitaries, the President Federation of Pakistan Chambers of Commerce and Industry (FPCCI) Zakaria Usman, Zonal Chairman PFCCI Munawar Mughal, Saarc Chamber of Commerce and Industry Pak Chapter VP Iftikhar Ali Malik have also been invited for the first time by Dar to witness the budget session proceedings.Annual budget sessions of the Punjab, Balochistan, Sindh and Khyber Pakhtunkhwa provincial assemblies will be convened soon after presentation of the national budget.Security arrangements have been beefed up in and around the Parliament House.
A special budget session of parliament (National Assembly and Senate) has already been summoned by the president.Finance Minister Senator Ishaq Dar will lay the budget proposals for the financial year 2014-15 in the House, sources said adding these budget proposals will be presented first for approval before the federal cabinet in its special session to be chaired by Prime Minister Nawaz Sharif.
The national budget for the upcoming financial year (2014-15) envisages revival of the economy and overcoming the challenges. “Overcoming the energy crisis, stabilisation of the economy, cutting down the non-development expenditure, enhancing productivity through new growth strategies, reducing the fiscal deficit and inflation, enhancing revenue collection and welfare of the people will feature as priorities in the upcoming budget,” they added.
The budget will also focus on social sector development and revenue enhancement, besides reforms will also be introduced for improving governance and boosting the private sector investment.
The National Economic Council (NEC), with Prime Minister Nawaz Sharif in the chair, has already approved the Annual Plan 2013-14 and proposed the Annual Plan for 2014-15 and Vision-2025.
The NEC has also approved the allocations for the Diamer Bhasha Dam, Karachi Coastal Power Project, Dasu Hydro power project, Neelum Jehlum hydro power project, Chashma NPP, Jamshoro power project, Tarbella Extension IV project, Nandipur power project, Chichon-ki-Malyan Power project, Gomal Zam project, Kurram Tangi Dam and Golan Gol hydro power project.
Infrastructure projects including the Lahore-Karachi Motorway, Hasanabdal-Havelian-Mansehra Road project, Peshawar Northern Bypass, Raikot-Islamabad project, Gwadar Airport, Gwadar Free Economic Zone and construction of a jetty and infrastructure development at the Gaddani Power Park also received the approval of the NEC.
The government has already approved Rs53.5 billion for land acquisition cost of the Lahore-Karachi Motorway of which 25.5 billion have already been released. As part of decent democratic traditions in Pakistan, the opposition parties are given maximum time to take the floor and freely express their point of view on budget allocations in the House. The valuable proposals and suggestions from either sides are taken care of by the finance minister while winding up the debate.
Apart from diplomats and other dignitaries, the President Federation of Pakistan Chambers of Commerce and Industry (FPCCI) Zakaria Usman, Zonal Chairman PFCCI Munawar Mughal, Saarc Chamber of Commerce and Industry Pak Chapter VP Iftikhar Ali Malik have also been invited for the first time by Dar to witness the budget session proceedings.Annual budget sessions of the Punjab, Balochistan, Sindh and Khyber Pakhtunkhwa provincial assemblies will be convened soon after presentation of the national budget.Security arrangements have been beefed up in and around the Parliament House.
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