Minister of State for Revenue Hammad Azhar on Tuesday presented Rs7.02 trillion budget for the Fiscal Year (FY) 2019-20 in the National Assembly (NA)
The state minister stated that UAE, Saudi Arabia and China injected $9.1 billion in Pakistan’s economy under umbrella of the loans and aids. He went on to say that agreement worth $6.1 billion has been inked with International Monetary Fund (IMF).
“Current account deficit will be slashed by 7 billion dollars in FY 2019-20 while by another $6 billion in FY 2020-21”, the minister told attendants.
“Exports will be boosted through a revised duty structure. Power and gas will be cheapened and Free Trade Agreements will be re-evaluated. Pakistani will be made a part of the international value chain”, vowed the state minister.
The circular debt of electricity sector stands at whooping Rs1.6 trillion whereas that of gas sector stands at Rs150 billion.
The state minister added that government’s running expenses will be slashed to Rs437bn from Rs460bn.
The Federal government has apparently accepted the target for FBR revenues of Rs 5550 billion in 2019-20. Govt has slapped 17pc sales tax on sugar.