- Federal Minister for Industries and Production, Hammad Azhar presented the Federal Budget for the year, 2020-21 at the National Assembly.
The Pakistan Tehreek-i-Insaf (PTI) government unveiled its second annual budget for the fiscal year 2020-21 on Friday, coming at a time of high uncertainty as coronavirus pandemic stirs economic upheaval both nationally and globally, the budget is being referred as corona-budget.
Federal Minister for Industries and Production, Hammad Azhar presented the Federal Budget for the year, 2020-21 at the National Assembly. The total outlay of budget 2020-21 is Rs 7,294.9 billion. This size is 11% lower than the size of budget estimates 2019-20.
The minister initiated his speech by pointing out that the present government inherited the economic crisis, with the Current Account Deficit balloning to $20 billion. He said that his government has paid nearly Rs5 trillion in interest payments on past debts in its two years in power.
As per details, the federal cabinet has decided not to impose no new taxes in the budget for the fiscal year 2020-21.
Special measures at NA amid coronavirus
Marred by coronavirus pandemic, both government and the opposition have agreed that only a maximum of 86 members (one-fourth of the total 342-member house), 46 from the treasury, and 40 from the opposition, will be present in the house at one time in order to ensure social distancing.
As per details the members and the staff of the National Assembly Secretariat who have not got themselves tested for COVID-19 would not be allowed to enter the hall.
Pakistan Economic Survey 2019-20
The government officially acknowledged that coronavirus has inflicted a loss of Rs3 trillion on the economy so far with a 3 percent to 3.5 percent hit to the GDP and the severity of the pandemic on export and remittance will be more in the months ahead.
This was disclosed by Adviser to Prime Minister on Finance Dr.Abdul Hafeez Shaikh while launching the “Economic Survey 2019-2020” on Thursday.
The adviser added that it was not easy to quantify the impact of the coronavirus accurately because there was uncertainty with regards to how rapidly cases would increase and what would be the duration of the pandemic as well as what form social distancing and lockdown would take in the coming days and weeks.