Federal Minister for Finance Ishaq Dar on Saturday said the federal budget for the upcoming financial year 2013-14 will be presented before the National Assembly (NA) on Wednesday, June 12 following approval from the federal cabinet.
The upcoming budget would focus largely on the revival of economy with special concentration on overcoming circular debt to resolve the prevailing energy crisis in the country, Dar said while talking to media personnel after assuming the office of federal minister for finance.
Dar said the government had already devised a strategy to overcome the prevailing challenges on the economic front, including the energy crisis.
Before the presentation of the budget in NA, a meeting of National Economic Council (NEC) is scheduled to be held on Monday, June 10 to consider and approve funding for Public Sector Development Programme (PSDP) 2013-14.
Dar said circular debt had expanded to Rs 500 billion and there was a dire need to get rid of this burden to resolve the energy crisis. He said the upcoming budget would be devised in a way to come out of this vicious circle.
He further said inflation was also one of the pressing issues but it could not be brought down overnight, adding that it would take some time to provide relief to the masses in this regard.
The finance minister said the debt on government had surged from Rs 3,000 billion up to Rs14,000 billion and the government was not only bound to pay back the loans but also pay interests according to the schedule.
The government would definitely opt for a better mechanism to pay back these loans, Dar said, adding that it was already engaged in devising a proper strategy in this regard since some payments were due till December, 2013.
The federal minister said the country also had to spend on its defense, infrastructure and other social sector programmes.
He said the International Monetary Fund (IMF) post-monitoring programme missions are scheduled to visit Pakistan in the third week of June.
On revenues, the federal minister said the Federal Board of Revenue (FBR) had been directed to achieve its revised tax collection target well in time.
Dar said the government would try to achieve revenue targets it sets for the upcoming fiscal year (2013-14).
He further said there was a dire need to enhance income and resources to help improve the economy and lead the country towards progress and prosperity.
He stressed the need for striking a balance between income and expenditures and said austerity measures would be adopted to cut down expenditures.
Govt to present budget on June 12: Ishaq Dar
