Federal Cabinet approves Budget Strategy Paper, ECNEC approves Diamer-Bhasha Dam

Prime Minister Shahid Khaqan Abbasi has said that sustained income and revenue streams will benefit the country instead of obtaining loans. 

He said this while chairing a meeting of the federal cabinet in Islamabad on Tuesday. 

Finance Division presented the Budget Strategy Paper for Financial Years 2018-19 to 2020-21 and briefed about the macroeconomic indicators of current FY 2017-18, reported Radio Pakistan. 

Secretary Finance briefed that the Budget Strategy for FY 2018-19 to 2020-21 is based on four broad targets including sustained growth momentum, ensuring fiscal consolidation, managing balance of payments and ensuring debt sustainability.

It was informed that the recently announced Economic Reforms Package, including lowering tax rates, widening the tax base, real estate reforms, local amnesty and tightening of foreign exchange regime, will help increase revenues and reduce the deficit.

The Budget Strategy Paper was discussed at length by the Cabinet and several Cabinet members provided useful suggestions for incorporation in the upcoming budget proposals.  

The Cabinet approved Budget Strategy Paper for FY 2018-19 to 2020-21. 

ECNEC approves Diamer-Bhasha Dam Project

Prime Minister Shahid Khaqan Abbasi chaired a meeting of the Executive Committee of the National Economic Council in Islamabad on Tuesday.

The meeting approved Diamer-Bhasha Dam Project at a total rationalized cost of 474,000 million rupees. The dam will have a 6.4 MAF live storage capacity and installed power capacity of 4,500 MW. After completion, the project will increase national water storage capacity of the country from 38 days to 45 days and will enhance lifespan on downstream reservoirs, including Tarbela Dam.

Revision of Gawadar Lasbela Livelihoods Support Project was approved at a total rationalized cost of 2,998.10 million rupees. The project aims at poverty reduction in two districts of Balochistan naming Gawadar and Lasbella. This project comprises of major initiatives including community development, fisheries development, and rural infrastructure improvement.

Evacuation of Power from 1320 MW RLNG Power Plant near Trimmu, Jhang was approved at a total rationalized the cost of 4,231.83 million rupees.

Revision of the federal program under 'Access to Justice Program' was accorded approval at a total rationalized cost of 4,711.981 million rupees. The ongoing project aims at implementing legislative, judicial, police and administrative reforms with the construction of required physical infrastructure including office buildings.

ECNEC also approved the replacement of old and obsolete Signal Gear from Lodhran-Multan-Khanewal-Shahdara Bagh Main Line Section of Pakistan Railways at a total rationalized cost of 18,346.60 million rupees.[left-sidebar]