Budget 2020-21: Additional funds expected to be allocated to fight against coronavirus

A recommendation is likely to be presented to allocate additional funds in the Budget 2020.

According to details, a meeting will be held regarding budget 2020. The additional funds will be used to stop the spread of coronavirus.

In addition to this, recommendations will also been made to allocate additional funds to be used to support poor people through the Ehsaas program.

Furthermore, sources said that indirect subsidies are expected to be eliminated as well in the meeting.

Moreover, the meeting will finalize the GDP. Goals for export target, services sector, and industrial growth will also be set.

Apart from that, the damage caused by Corona to the country’s economy this financial year will also be determined.
Sources said coronavirus pandemic has caused a loss of Rs 2,600 bn to the economy. Steps will be taken to minimize damage to the economy through the coming budget.

Budget 2020-21: No New Tax to be introduced

Adviser to Prime Minister on Finance, Dr. Abdul Hafeez Shaikh has assured the nation that in the next budget, no new tax will be imposed.

With budget preparations the government’s top priority, Sheikh informed that the ministry has met with all stakeholders and some 200 proposals have been accepted.
In his recent statement, Dr. Abdul Hafeez Shaikh clarified that “In these difficult times, we are trying to make a budget which stabilizes government finances on one hand, and on the other hand not increase taxes, but reduce the rate of taxes,”

“A balance will be made between financial discipline and people’s expectations,” said Shaikh.