The government is set to present its second Federal Budget in the parliament on June 3, with an outlay of about Rs 3.8 trillion for fiscal year 2014-15.
A special budget session of the National Assembly and Senate has already been summoned.
Sources in the Finance Ministry said Finance Minister Senator Ishaq Dar will lay budget proposals for the Financial Year 2014-15 in the House. These budget proposals will first be presented for approval before the federal cabinet in its special session which will be chaired by Prime Minister Nawaz Sharif.
The upcoming national budget envisages revival of economy, overcoming challenges at the economic front, particularly resolving the energy crisis and reducing non-development expenditures and generally providing relief to the masses.
Sources said, “Overcoming the energy crisis, stabilising of economy, cutting down non-development expenditures, enhancing productivity through new growth strategies, reducing fiscal deficit and inflation, enhancing revenue collection and welfare of the people will feature as priorities in the upcoming budget.”
The budget will also focus on social sector development and revenue enhancement besides introduction of reforms for improving governance and boosting private sector investment.
It is pertinent to mention here that the National Economic Council, having PM Sharif in the chair, has already discussed and approved Annual Plan 2013-14 and proposed Annual Plan for 2014-15 and Vision-2025.
Public Sector Development Programme 2013-14 and the proposed PSDP for 2014-15 were also discussed in an NEC meeting.
The finance minister and Minister for Planning and Development Ahsan Iqbal presented a comparative study of the PSDP achievements of 2013-14 and targets set for 2014-15. The meeting approved the proposals for PSDP allocations of Rs1,310 billion for 2014-15.
The NEC has also approved allocations for Diamer Bhasha Dam, Karachi Coastal Power Project, Dasu Hydro Power Project, Neelum Jhehlum Hydro Power Project, Chashma Nuclear Power Plant, Jamshoro Power Project, Tarbela Extension IV Project, Nandipur PP, Chichonki Malyan PPs, Gomal Zam Project, Kurram Tangi Dam and Golan Gol Hydro Power Project.
Infrastructure projects, including Lahore-Karachi Motorway, Hasanabdal-Havelian- Mansehra Road project, Peshawar Northern Bypass, Raikot-Islamabad project, Gwadar Airport, Gwadar Free Economic Zone and construction of Jetty and infrastructure development at Gaddani Power Park have been approval by the NEC.
Feasibility study for construction of Havelian-Raikot railway line has also been approved by the NEC.
The government has already approved Rs 53.5 billion as land acquisition cost of the Lahore-Karachi Motorway, of which Rs25.5 billion have already been released.