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Advisor on Finance Dr Abdul Hafeez Shiekh informed the Prime Minister Yousaf Raza Gilani that projected GDP growth for the current fiscal year is 3.6 percent.
The Prime Minister reportedly gave guidelines for the preparation of the next fiscal year budget during a briefing to him by the economic team pertaining to economic situation on Wednesday.The advisor said that GDP growth may be more than the projected target for the current fiscal year largely as the damage to the crops in Sindh by the floods was less than expected.
The meeting focused on four basic areas, overall state of the economy, expenditure management, revenue expansion and the Public Sector Development Programme (PSDP).
The Prime Minister was informed expenditure in the first seven months of the current fiscal year have been 53 percent as compared to the target of 58 percent which is 5 percent low.The economic team said that the inflation is likely to be less than the budgetary projection of 12 percent and the three prices index ie CPI, WPI and SPI are approaching single digit.
The overall position of the exports sectors shows that exports in the first seven month have been 14 billion dollars thus registering an increase of 7 percentas compared to the corresponding period of the previous financial year.
Gilani was told that remittances by the overseas Pakistanis remained at 7.4 billion dollars in the first seven months registering 21 percent increase.The economic team said that revenue collection so far remained to Rs 975 billion in the first seven months against the targeted Rs 1952 billion for the current fiscal year, but showed an increase of 26 percent as compared to the revenue collection corresponding to the same period of last fiscal year.
The high ups of the Federal Board of Revenue (FBR) said that Rs 1952 billion target for the current financial year is likely to be met.The Prime Minister was apprised that PSDP of Rs 300 billion will be met in its entirety and 100 percent utilisation will be achieved.
In the first seven months, Rs 221 billion had already been released for development projects.
The remaining amount will be released as per the law.
The PSDP cover important projects such Diamer-Basha Dam, Mangal Dam Raising Project, Neelum-Jehlum Project, Lawari Tunnel Project, several National highways and vertical programmes in the social sector under the Federal Government which remained with the federation after the devolution process, the economic team added.Gilani said that the despite global recession, the Pakistan's economy has registered positive indicators as the exports have risen more than 7 percent, remittances more them one billion dollars per month and revenue collection by FBR during the first seven months remained about 26 percent more than the corresponding period of the last financial year.Gilani provided guidance to the finance team for the forthcoming budget which should reflect focus on economic stability, prudent fiscal policy, generation of economic opportunities for the youth and protection of the vulnerable groups through further control of inflation and social safety net programme.
A presentation was given to the Prime Minister on the economic situation by the Advisor on Finance, Dr Abdul Hafeez Sheikh and Deputy Chairman Planning Commission, Dr Naddem ul Haq and Senior Officials of the Ministry of Finance, Planning and Development Division and the FBR.
The Prime Minister reportedly gave guidelines for the preparation of the next fiscal year budget during a briefing to him by the economic team pertaining to economic situation on Wednesday.The advisor said that GDP growth may be more than the projected target for the current fiscal year largely as the damage to the crops in Sindh by the floods was less than expected.
The meeting focused on four basic areas, overall state of the economy, expenditure management, revenue expansion and the Public Sector Development Programme (PSDP).
The Prime Minister was informed expenditure in the first seven months of the current fiscal year have been 53 percent as compared to the target of 58 percent which is 5 percent low.The economic team said that the inflation is likely to be less than the budgetary projection of 12 percent and the three prices index ie CPI, WPI and SPI are approaching single digit.
The overall position of the exports sectors shows that exports in the first seven month have been 14 billion dollars thus registering an increase of 7 percentas compared to the corresponding period of the previous financial year.
Gilani was told that remittances by the overseas Pakistanis remained at 7.4 billion dollars in the first seven months registering 21 percent increase.The economic team said that revenue collection so far remained to Rs 975 billion in the first seven months against the targeted Rs 1952 billion for the current fiscal year, but showed an increase of 26 percent as compared to the revenue collection corresponding to the same period of last fiscal year.
The high ups of the Federal Board of Revenue (FBR) said that Rs 1952 billion target for the current financial year is likely to be met.The Prime Minister was apprised that PSDP of Rs 300 billion will be met in its entirety and 100 percent utilisation will be achieved.
In the first seven months, Rs 221 billion had already been released for development projects.
The remaining amount will be released as per the law.
The PSDP cover important projects such Diamer-Basha Dam, Mangal Dam Raising Project, Neelum-Jehlum Project, Lawari Tunnel Project, several National highways and vertical programmes in the social sector under the Federal Government which remained with the federation after the devolution process, the economic team added.Gilani said that the despite global recession, the Pakistan's economy has registered positive indicators as the exports have risen more than 7 percent, remittances more them one billion dollars per month and revenue collection by FBR during the first seven months remained about 26 percent more than the corresponding period of the last financial year.Gilani provided guidance to the finance team for the forthcoming budget which should reflect focus on economic stability, prudent fiscal policy, generation of economic opportunities for the youth and protection of the vulnerable groups through further control of inflation and social safety net programme.
A presentation was given to the Prime Minister on the economic situation by the Advisor on Finance, Dr Abdul Hafeez Sheikh and Deputy Chairman Planning Commission, Dr Naddem ul Haq and Senior Officials of the Ministry of Finance, Planning and Development Division and the FBR.
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