Budget 2020-21 to focus on mitigating COVID-19’s economic impact
Thursday April 30, 2020
Islamabad: Advisor to the Prime Minister on Finance Dr Hafeez Shaikh has announced that the upcoming budget will be concerned with mitigating the economic impact of the coronavirus pandemic and providing relief to local affectees – a news source reported. Read: PSDP to have PKR 600bn in budget allocations for next fiscal year He said that the government intends to offer ‘hope, cash, food, and employment opportunities’ to the individuals affected by the viral spread. He further detailed the government’s plans for the budget and said that the federal government would present its draft before the parliament in the first week of June. He said that while the government had introduced stringent austerity measures last year, public money, this year, would be spent on reducing the suffering of the people in these troubled times. He added that the budget would take a balanced approach towards revenue collection and focus on further documentation of economy – but its measures would not be so severe that they start impinging on business activity. Read: Govt to impose PKR 900 bn in taxes in budget 2020-21: ex-finance minister He also stated that the government will finalise policies to promote growth in agriculture, industry and exports after consultation with the provinces. Another major area of focus will be concerned with a reduction in imports and providing incentives to overseas Pakistanis for increased investments.
