Asad Umar reviews uplift projects for next fiscal year
- By Web Desk -
- May 16, 2020
ISLAMABAD: Federal Minister for Planning and Development Asad Umar on Saturday chaired a meeting to review the uplift projects’ budget for the next fiscal year 2020-21, ARY NEWS reported.
The meeting also mulled over the impact of coronavirus pandemic on the ongoing development programme and also reviewed recommendations for the next fiscal year’s development budget.
The meeting was also attended by Governor Sindh Imran Ismail via video link.
During the meeting, Asad Umar said that the federal government would ensure availability of funds for the ongoing development projects in Karachi.
It was also decided to improve the system of the commission to improve monitoring of the federal funded development projects launched by the government under Public Sector Development Plan (PSDP).
It is pertinent to mention here that Adviser to Prime Minister on Finance Abdul Hafeez Shaikh on Friday chaired a meeting to review the economic outlook amid COVID-19 crisis and budget preparations for the new fiscal year.
The matters related to the upcoming budget FY2020-21 and impact of COVID-19 pandemic on the nationals have been discussed in the meeting.
Shaikh urged exhibition of responsibility into financial affairs in view of the alarming situation of the national economy due to coronavirus.
He asked ministries and departments to present recommendations for the new budget besides tabling suggestions to further reduce expenses and utilisation of available resources. The concerned authorities should also consider issuance of Shariah-compliant bonds.
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Shaikh was of the view that the reduction in policy rate would save up to Rs50 billion in term of loan payments.
A briefing was also given by the secretary finance regarding the expenses and subsidies. It emerged that the country’s Gross Domestic Product (GDP) was affected against debt volume after witnessing a visible decline in economic activities.
The participants of the meeting have also exchanged views on the local debts, T-bills and payment of loans besides holding discussion over the economic review of the International Monetary Fund (IMF).