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EAC overviews budget making process for FY 2015-16

ISLAMABAD: Federal Finance Minister Ishaq Dar has said that Pakistan would not be able to achieve Gross Domestic Product (GDP) target of 5.1 percent for current fiscal year, ARY News reported.

While chairing the meeting of the Economic Advisory Council (EAC) in Islamabad today, the Finance Minister said that economic growth rate for the current year will remain slightly lower than target due to economic disruptions, lower prices in the agricultural commodities and unusually long winter had a negative impact on the crops.

Ishaq Dar further told that fiscal space available to the government had been contained due to the higher expenditures on security related operations, floods and settlement of displaced persons.

He also gave an overview of the budget making process for the coming fiscal year 2015-16 adding that the government would welcome useful proposals from EAC members for inclusion in the Budget.

The members of EAC gave proposals for development of key sectors of economy including energy, aviation, taxation, public expenditure, food security, trade competitiveness and social safety nets.

The meeting was attended by Governor State Bank of Pakistan (SBP), Ashraf Mahmood Wathra, Chairman Federal Board of Revenue (FBR) and Chairman Board of Investment (BOI), Dr. Miftah Ismail.

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