Punjab’s budget for FY2020-21 to be unveiled in second week of June

LAHORE: Punjab government has decided to present annual budget for next fiscal year 2020-21 in the second month of June, ARY NEWS reported citing sources.

Amid extraordinary situation due to ongoing coronavirus pandemic, the Punjab government has decided to reduce uplift projects in the budget.

The government has also decided to seek recommendations on the budget from the masses.

It is pertinent to mention here that Adviser to Prime Minister on Finance Abdul Hafeez Shaikh has announced that the federal government has planned to unveil next fiscal year’s budget in first week of June and it would be a coronavirus budget.

On Friday, Abdul Hafeez Shaikh, has 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.

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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.

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.