Govt allocate over Rs1tr for social sector in next 4 years

ISLAMABAD: Adviser for Prime Minister on Finance and Revenue, Shaukat Tarin on Tuesday said that the government has allocated Rs1.4 trillion for economic development and social sector development in the country during the next four years.

While addressing the ‘Corporate Philanthropy Award’ Ceremony organised by Pakistan Centre for Philanthropy here, he said that “This package will be spent through industry and agriculture, the ehsaas programme, agriculture and the youth programme”.

The adviser said that an amount of Rs260 billion of this amount will be spent through Ehsaas Programme to provide relief to the deprived people in the society as the government was working to eradicate economic inequality and disparity in the country.

He said that sustainable and inclusive economic growth is the first priority of the government, which will bring economic equality and stability in all sections of the society.

He emphasised the role of public and private charity institutions to provide relief to the people, adding that Pakistan has an annual charity of Rs500 billion, which is only 1 per cent of the total budget.

Adviser to Prime Minister on Finance Shaukat Tarin revealed that the International Monetary Fund (IMF) has linked the approval of the sixth review on fulfilling five prior actions including State Bank of Pakistan autonomy.

Talking to a media person after the award distribution ceremony, the adviser said that the approval of sixth IMF review was dependent on five prior actions including the power tariff, withdrawal of tax exemptions, State Bank of Pakistan (SBP) autonomy, monetary policy and exchange rate. 

He said that the government has increased the power tariff besides also withdrawing tax exemptions.

“On the other hand, the Ministry of Law is reviewing the SBP autonomy bill and it will also be passed soon,” he added.

Replying to the question with regard to the depreciation of the rupee, he said that the rupee would be strengthened after the completion of the sixth review of the IMF.

About the fiscal as well as a monetary policy board and interest rate, he said that it was the domain of the SBP and the question be placed before it.