Abdul Hafeez Shaikh meets PM, apprises federal budget preparations

ISLAMABAD: Adviser to Prime Minister on Finance, Abdul Hafeez Shaikh called on PM Imran Khan on Friday where he apprised the premier regarding the preparations of the federal budget for the next financial year, ARY News reported.

The Finance Ministry has expedited the process to complete federal budget preparations for the next fiscal year 2020-21.

PM Imran Khan decided to get briefing on budget affairs on a daily basis. They also discussed the matters related to the current economic situation and budget preparations besides consulting over different recommendations and revenue targets.

Sources told ARY News that the budget recommendations are likely to be presented before the federal cabinet on June 2. Sources added that the federal government is expected to increase budget revenue target from Rs4,100 billion to Rs4,500 billion.

Read: Govt to provide maximum relief to businesses in upcoming budget: Hafeez Shaikh

Earlier on May 21, it emerged that the federal government had decided to unveil the budget for the next financial year 2020-21 on June 12.

Prime Minister Imran Khan had granted approval for presenting the budget in the National Assembly on June 12, said sources.

The sources added officers of the Ministry of Finance engaged in preparing the federal budget have been barred from leaving the federal capital to ensure the budget-related work is completed in time.

The government had decided to cut budgetary targets for the next fiscal year in view of the once-in-a-century pandemic’s adverse impact on the country’s fragile economy.

It merits mentioning that the government had decided to hold a marathon session of the National Assembly from June 5 to meet the constitutional requirement of completing a 130-day parliamentary year.

The government is also expected to present the federal budget for the financial year 2020-21 during the forthcoming session.