Roadmap to stabilise economy unveiled
The PTI government has unveiled its economic roadmap for next fiscal year that would focus on stabilisation of the economy and austerity measures to control the expenditures of the government.
Hafeez Shaikh said both civilian and military rulers agreed austerity measures were needed to stabilise the economy, but he declined to say whether the military's budget would be cut.
"The budget that is coming will have austerity, that means that the government's expenditures will be put at a minimum level," Shaikh said and added "We are all standing together in it whether civilians or our military."
"We have presented the roadmap for next fiscal year. The difficult time is going to end soon," said Adviser to Prime Minister on Finance, Revenue and Economic Affairs Dr Abdul Hafeez Shaikh while addressing a press conference in Islamabad on Saturday.
Hafeez Sheikh said economy will be in stabilisation mode over next six to twelve months before moving in the phase of recovery and high growth.
Prime Minister Special Assistant on Information and Broadcasting Dr Firdous Ashiq Awan, Federal Minister for Planning Development and Reforms Khusro Bakhtiyar, Minister for Petroleum Omar Ayub Khan and Minister for State for Revenue Hammad Azhar were also present in the press conference.
He said next six to eight months will seek stability and after that, there will be progress. He further said that in the coming budget every institution will launch a cost-cutting campaign. "The civilian and army administrations are on the same page for this campaign."
Sharing some of the points of the next budget, he informed the government has decided to set tax collection target at Rs5.55 trillion for the next fiscal year. He said the government would also take steps to broaden the tax base of the country by bringing non-taxpayers into net. "Only two million Pakistanis file taxes and out of which 1.4 million are salaried."