ISLAMABAD: Federal Minister for Finance Asad Umar has termed the mini-budget as economic reforms package while addressing the NA session.
Finance Minister said that “We all are gathered here for an important task and masses have sent to the assembly for this vital task.” Adding that “as far as country’s economic and people’s problems are concerned the masses have knowledge of their problems.”
Terming the mini-budget as economic reforms package, the finance minister said that the aim of the reforms is to speed up investment as well as industrial production and to bring improvement in agriculture sector of the country.
Responding to opposition’s noise, Umar said he wished the opposition would have called out then finance minister Ishaq Dar when he would read out ‘a pack of lies’ in name of finance bill.
He said that the gas sector was never in deficit, however, due to PML-N government’s policies, it was now in the deficit of Rs. 150 bn.
He further said that the previous government had left the country in the deficit of somewhere between Rs. 2500bn to Rs. 3000bn.
Criticizing the past rulers over worsening economic crisis, the finance minister said that “these people left the patient in the ICU,” adding that we cannot bring change until narrowing the difference of balance of the payments.
“The exports were left at the lowest level; the economy cannot be put back on the track until settling the budget-deficit”, he said
Commenting on the savings in the country, Umar said the PML-N left the savings at record lowest level of 10.4 in the country.
“Foreign investment cannot be attracted until savings of the country are uplifted”, he said.
The Finance Supplementary (Second Amendment Bill), 2019 has been laid before the National Assembly by Finance Minister Asad Umar.
It envisages measures to boost manufacturing and exports, encourage low-cost housing and facilitate agricultural financing to promote economic activities.
It also focuses on enhancing ease of doing business, simplifying procedures for setting up businesses and undertaking investment.
The government has proposed reduction of taxes from 39 percent to 20 percent on small and medium enterprises, agricultural, and housing loans.
The Minister said a revolving fund with an amount of five billion rupees will to provide interest free loans for the construction of small houses.