ISLAMABAD: Newly-appointed Finance Minister Miftah Ismail on Saturday said the government has carefully prepared a balanced budget for the financial year 2018-19.
Speaking at a post-budget press briefing in Islamabad, he said the budget is not only intent on provision of relief in various sectors, but is a balanced one.
The minister said the government didn’t intend to approach the Internal Monetary Fund (IMF) for loans to tackle its balance of payments issue or shore up foreign reserves and expressed optimism that foreign exchange reserves will soar by June 30.
He said the incumbent government injected 12,000 of megawatts of electricity into the national grid by setting up power projects.
Miftah said that he was happy the tax revenue collection through Federal Board of Revenue (FBR) has been doubled for the coming fiscal year after a period of five years. Efforts were being made to bring more people to tax net, he added.
He said an incentive package for exports would soon be announced.
The minister said inflation has been kept at an average of 4.5% and fiscal transfers to provinces have increased from 1300 billion rupees in 2013 to 2300 billion in next financial year.
Special Assistant to Prime Minister on Revenue Haroon Akhtar, who accompanied the finance minister during the presser, said the overall circular debt stands at Rs350 billion and added the government reduced power subsidy by Rs100 billion every year.
Funds to the tune of Rs100 billion would be allocated to power sector in the coming fiscal year, he said and added regulatory duty has been imposed on the import of luxury items.
To a query, the finance minister said unlike previous governments, the PML-N government announced a Rs25 billion package for development of Karachi.
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