While chairing a meeting to review the economic situation and future outlook of the economy in the wake of the Covid-19 situation, Prime Minister Imran Khan has underscored the need for out of the box solutions to deal with the present day economic challenges after the Finance Ministry hinted at presenting budget for the next fiscal year on June 5th.
The prime minister also emphasized that greater attention should be paid to support small and medium sector enterprises and the agriculture sector enabling them to create job opportunities for the people following a detailed presentation was made by the Finance Ministry about the overall situation and the performance of various macroeconomic indicators during the past nine months of the current financial year.
The prime minister was also apprised of the economic impact of the Covid-19 pandemic.
An official said the meeting also took stock of the Covid-19 lockdown on revenue collection as well as on export and anticipated decline in remittances.
The meeting was informed that the Finance Ministry, the Ministry of Commerce, Industries as well as the Federal Board of Revenue (FBR) have been working on the budget for the next fiscal year.
The prime minister said that all efforts should be made to provide maximum possible relief to the people, and stated that the process of provision of subsidies should also be reviewed to make these interventions more effective and target-oriented.
The process of reforming public-sector organizations should be expedited to plug the leakages of economy. He emphasized that priorities and targets for the next public sector development programme should be clearly defined with a focus on completion of the projects rather than mere initiation.
The prime minister stated that there is a need for maximum utilization of public-private partnership model and involving international development partners to enhance and broaden the scope of public sector development programme.
The meeting reviewed the progress and impact of Economic Stimulus Package, amounting to Rs1.25 trillion, announced by the government to provide relief to the poor and vulnerable segments of society and to support various sectors of the economy that have adversely been hit by the Covid-19 pandemic.
Prime Minister's Office stated that the prime minister expressed satisfaction over the performance of various economic indicators in the face of global pandemic so far during the current financial year, and acknowledged the Finance Ministry's effort to ensure financial discipline and provision of relief during the Covid-19 situation.
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