ISLAMABAD: Prime Minister Imran Khan has summoned federal cabinet meeting on Tuesday (today) for approval of the budget for the financial year 2019-20, ARY News reported.
The cabinet’s budget session will be held at the Parliament House to discuss and approve the budget.
Prime Minister’s Advisor on Finance, Revenue and Economic Affairs Abdul Hafeez Shaikh will present budget proposals in the cabinet meeting.
Prime Minister Imran Khan had directed his economic team in an earlier meeting to ensure the minimum burden on the poor segment of the society. He also urged the officials to prepare a people-friendly budget, which also ensures the economic stability of the country.
Read More: PM approves proposals for budget 2019-20
The budget proposals included the allocation of funds for action against the owners of benami assets.
A proposal of implementation of presumptive tax offshore assets is also recommended.
The taxation proposals in the new budget will be equal to 1.4 % of the GDP, sources said.
Earlier on Monday, the finance adviser, while presenting an Economic Survey Report in a press conference, suggested controlling imports first in order to make improvements in the national economy.
Read More: Difficult decisions needed to end economic crisis: finance adviser
While detailing on financial aid, the adviser said that financial assistance of $9.2 billion was received by the present government. He added that a bailout package worth more than $6 billion is being taken from the International Monetary Fund (IMF).
He, however, clarified that the country cannot be made a prosper state through foreign assistance.
It must be noted that the Federal budget for the next fiscal year will be presented by Hafeez Sheikh in the National Assembly today (Tuesday).
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