ISLAMABAD: Federal Finance Minister Dr Abudl Hafeez Shaikh called on Prime Minister Syed Yousuf Raza Gilani on Sunday. In the meeting the National Economic Council's decisions were reviewed. The prime minister expressed satisfaction that the upcoming federal development budget would be increased from 300 billion rupees to 360 billion rupees which would be used for regionally balanced development and completion of projects especially in the areas of energy, infrastructure and food security.
For the budget, it was decide that it should be focused on ensuring macro-economic stability, growth, utilisation of resources, protection of vulnerable groups, incentives for private sector development and relief to the public while ensuring fiscal balance. The finance minister briefed the prime minister on the state of economy, the preparation of the budget and other related matters. The finance minister apprised the prime minister that the economic growth in the country would be 3.7 percent this year, continuing an upward trend of the last three years. Similarly, the rate of inflation would be declining for the third year in row, the minister added.
Dr Shaikh further briefed the prime minister that the tax collection in the first ten months had increased by about 24 percent as compared to the corresponding period representing a major step towards reduction of dependence on the outside world.-PR