- Dar says govt to put up Senate’s doable recommendations in Finance Bill
- Minister suggests Charter of Economy for consistency in govt’s policies
Minister for Finance Senator Ishaq Dar on Thursday assured Senate for fully accommodating the doable and practical recommendations suggested by the senators on the Finance Bill, 2017-18.
Winding up discussion on the budget in Senate, he appreciated the commitment and dedication of Senate’s Standing Committee on Finance, Revenue, Economic Affairs, Statistics and Privatisation for presenting a valuable report on recommendations on the Finance Bill 2017.
He also appreciated the senators for presenting valuable suggestions on the Finance Bill and assured them that he would try his level best to add all positive things in the budget, which will be winding up the next week.
He reminded the House that 40 percent of their recommendations were incorporated in the budget of 2015-16 and 80 percent in 2016-17. Senator Dar said that the government was making utmost efforts to finalise the next NFC Award at the earliest.
However, he dispelled the impression that presenting the budget without the new NFC was unconstitutional. He said that the provincial governments would have to demonstrate magnanimity and open heartedness for giving share to Azad Jammu Kashmir, Gilgit-Baltistan and FATA from the NFC.
He said that there was no nexus between the NFC and the budget. He said that a meeting with the provincial chief ministers would soon be held on the matter. He said that Pakistan has achieved economic stability due to the government’s strict financial discipline in finance and economic affairs.
He said that international economic monitors have declared Pakistan’s economy as one of the best-growing economy of the world. Dar said that the country has witnessed 5.3 percent growth rate during the current fiscal year due to the prudent economic policies of the government. He said that the size of economy had reached to $300 billion.
He said that the government would make efforts to increase tax net and further improving tax collection system. He dispelled the impression of borrowing foreign loans by the government. He said the government has fixed the GDP ratio at six percent for the next year which he expressed the hope that the government would easily achieve this target.
He said the government had planned to fix seven percent of GDP for 2018-19. He said that the government had started operation in 2014 against terrorism in the tribal region and spent an amount of Rs 400 billion in the war on terror during the last four years. He said that Pakistan had been affording annually Rs 90 billion to Rs 100 billion in the war against terrorism.
He said the government had been using this amount annually without any foreign assistance. Dar said that the government had introduced the Federal Debt Limitation law which became act in 2005. He said there had been the impression on the government about excessive borrowing which was totally wrong as the government was borrowing to invest for development.
He said that international ranking of the economy of Pakistan has improved and tax revenue has increased upto 80 percent during the last four years. About provision of clean drinking water, he said though it was provincial subject but the government had made allocations for several projects like K4 project in Karachi.
He said that the prime minister had also committed to sharing in Green Line project for better transportation facilities to people of Karachi. He said there had been no load-shedding of 16-18 hours as was witnessed in the past. He said that Pakistan had 1200mw excessive electricity in 1999 but later the country faced its shortfall. Due to prudent policies, he said that energy crisis had been overcome and this challenge would be no more in next summer.
He said that poverty ratio had decreased in Pakistan and the government was trying for a graduate uplift of the poor by providing them loans on easy installments. The efforts were being made to widen tax net and stop tax theft, the minister said, adding that online refunds of tax amount to the filers was ensured by this government.
The minister said there was need for Charter of Economy so that there should be consistency in policies of any government. “We talk about the country and whether there is any government, the continuity in economic policies is crucial for development,” he maintained. He said that allocation for Pakistan Baitul Mal had been increased upto 50 percent so that poor can get a financial benefit.
He said that loan facilities for widows has been resumed while salaries of government servants have been increased by merging the adhoc relief of 2009-10 and further giving 10 percent adhoc relief on the enhanced salary after merger. He said that economic stability had been achieved due to efforts during the last three years while further focus was to improve GDP growth in remaining tenure. He urged all to shun differences and work for progress to join G20 countries in 2030.