Medium term framework reviewed: fiscal deficit to be brought down to 4 percent in 3 years: Dar

Finance Minister Ishaq Dar on Saturday chaired a meeting with Medium Term Budget Framework (MTBF) and Economic Reforms Units here. The minister was informed that the three-year Medium Term Macroeconomic Framework 2013-16 has been strictly followed and the benchmark commitments are being focused. He said our target is to bring the fiscal deficit to 4 percent in three years and for this purpose it is essential to keep the ministries ceilings within the fiscal limits.
The detailed discussion focused on result-based monitoring, draft Public Finance Act and where the budgetary situation stands today and where we want it to be by the end of fiscal year 2015-16. Dar said we have to follow performance based budgeting and closely monitor growth and Public Sector Development Programme. He said planning, budgeting and accountability should go hand in hand.
The minister emphasised that transparency should reflect at every step of the economic reforms introduced by the government. He said we must ensure to cut the wasteful expenditure and allocations on social protections for poor and needy will be disbursed. The minister concluded with the note that all economic indicators are pointing to the fact that economy has begun to show signs of revival moving in the right direction.-PR