FEDERAL BUDGET FOR FISCAL YEAR 2019-20 BEING PRESENTED IN NA

By Muhammad YaseenPublished On 05 Jan 2023

ISLAMABAD (9 News) – The federal budget 2019-20 is being presented by Minister of State for Revenue Hammad Azhar.

“There has been no increase in exports in the past five years,” he said. “Due to financial mismanagement, the deficit reached Rs2260bn. Circular debt in the energy sector reached Rs1200bn.”

The minister said measures taken by the PTI-led government have resulted in remittances rising by $2bn, and Rs12bn decrease per month in circular debt in the energy sector.

Azhar added that the 11 per cent tax to GDP ratio currently, was the lowest in the region. There were only 50 per cent of SECP registered companies paying tax. “We will have to change this culture.”

Hammad Azhar has delineated the key points for Budget 2020, saying the government’s key priorities were public welfare and well being and reducing the external deficit.

“The current account deficit will be reduced to 6.5pc in FY19-20. Exports will be boosted through a revised duty structure. Power and gas will be cheapened and Free Trade Agreements will be re-evaluated. Pakistani will be made a part of the international value chain.

“As regards the Federal Bureau of Revenue, taxes will be increased. Our tax to GDP ratio is less than 11pc, the lowest in the neighbourhood. We will need to change our approach to tax payments or we will not be able to progress. We are currently at a point where we need to take loans to pay for past loans and salaries.”

Opposition raises ruckus in NA

During the budget presentation, members of the opposition protested in front of the NA speaker’s dais.

Opposition members chanted slogans against the government and Prime Minister Imran Khan.

Opp protests for not being provided with budget speech copies

Opposition members protested for not being provided with copies of the budget speech which were distributed later.

If budget is anti-people, we will protest: Sherry Rehman

PPP leader Sherry Rehman has said that the opposition will attend the National Assembly budget session.

“If the budget is people-friendly, we will listen to it. If it is anti-people, we will protest,” she said.

PM Imran in NA

PML-N leaders arrive in NA wearing black armbands

Opposition Leader in National Assembly Shehbaz Sharif, PML-N parliamentary leader in the National Assembly Khawaja Asif along with some other party members wearing black armbands arrive in the parliament as Hammad Azhar addresses the House.