Federal Cabinet approves Budget Strategy Paper for next fiscal year

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—File Photo


ISLAMABAD: Prime Minister Shahid Khaqan Abbasi has said that sustained income and revenue streams will benefit the country instead of obtaining loans.

He said this while chairing a meeting of the federal cabinet in Islamabad on Tuesday.

Finance Division presented the Budget Strategy Paper for Financial Years 2018-19 to 2020-21 and briefed about the macro-economic indicators of current FY 2017-18.

Secretary Finance briefed that the Budget Strategy for FY 2018-19 to 2020-21 is based on four broad targets including sustained growth momentum, ensuring fiscal consolidation, managing balance of payments and ensuring debt sustainability.

It was informed that the recently announced Economic Reforms Package, including lowering tax rates, widening tax base, real estate reforms, local amnesty and tightening of foreign exchange regime, will help increase revenues and reduce deficit.

The Budget Strategy Paper was discussed at length by the Cabinet and several Cabinet members provided useful suggestions for incorporation in the upcoming budget proposals.

The Cabinet approved Budget Strategy Paper for FY 2018-19 to 2020-21.