Budget comes out today

ISLAMABAD: The government is all set to present its second federal budget with an outlay of about Rs 3.8 trillion for Fiscal Year 2014-15 before the Parliament on June 3 (Tuesday). A special budget session of the Parliament (National Assembly and Senate) has already been summoned by the President.  Finance Minister Senator Ishaq Dar will lay budget proposals for the Financial Year 2014-15 in the House, sources said adding these budget proposals will first be presented 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 economy, overcoming challenges at economic front particularly resolving the energy crisis and reducing non-development expenditures and providing relief to the masses. Federal Minister for Finance, Senator Muhammad Ishaq Dar will announce the Budget 2014-15, after its formal approval from the Federal Cabinet, sources in the Ministry of Finance said. “Overcoming the energy crisis, stabilization of economy, cutting down the non-development expenditures, enhancing productivity through new growth strategies, reduce fiscal deficit and inflation, enhance 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 private sector investment. It is pertinent to mention here that the National Economic Council, with Prime Minister Nawaz Sharif in the chair, has already approved Annual Plan 2013-14 and proposed Annual Plan for 2014-15 and Vision-2025. The NEC discussed and approved the Annual Plan 2013-14 and the proposed Annual Plan for 2014-15. The meeting also discussed Public Sector Development Programme 2013-14 and the proposed PSDP for 2014-15. Finance Minister Ishaq Dar and Minister for Planning and Development Ahsan Iqbal presented a comparative study of the PSDP achievements of 2013-14 and targets set for 2014-15. The National Economic Council (NEC) has already approved the proposals for PSDP allocations of Rs.1310 billion for 2014-15 recommended by Annual Plan Coordination Committee (APCC). 

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