The Federal Cabinet, which met on Saturday with Prime Minister Syed Yousuf Raza Gilani in the chair, accorded approval of the Federal budget for 2009-10 financial year before presenting it to the National Assembly. The Prime Minister, referring to the difficult economic circumstances under which the government had to take difficult decisions, lauded the resilience of the people of Pakistan in facing the challenges.
"It is because of this support that today (Saturday) despite problems we have moved from stabilising economy to stabilisation and growth, which is expected to be 3.2 percent during the 2009-10 financial year," he said. The Prime Minister appreciated the efforts of the Ministry of Finance, Planning Commission, Economic Affairs Division (EAD) and the Federal Board of Revenue (FBR) for preparing a balanced budget for 2009-10, which had been termed as "a budget for the revival of the economy with a human face."
Earlier, Advisor to the Prime Minister on Finance Shaukat Tarin briefed the Cabinet about the salient features of the budget. "The budget," he concluded, "is a balanced one, which caters to the needs of all sectors of the economy." Minister of State for Economic Affairs Division Hina Rabbani Khar, supplementing the highlights, mentioned that the budget to an extent catered to the possible economic challenges of the near future for which "we need to focus to achieve the objectives."
Deputy Chairman of Planning Commission Sardar Aseff Ahmad Ali, in his remarks, said that the budget had features, which incorporated the future economic planning to achieve self-reliance in all sectors of the economy. The budget, he said, had provisions to support public-private partnership, which in the long run would help our economy in all the sectors.
FBR Chairman briefed the Cabinet about the tax proposals, prepared in accordance with the guidelines of the government. He also apprised the Cabinet about means and ways to achieve the revenue collection targets. Earlier, the Cabinet offered Fateha for Dr Sarfaraz Naeemi and other Shuhada, who lost their lives at the hands of terrorists.
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