Development allocation increased threefold: PM

Directs 2017-18 budget should be public-friendly; says govt focusses on basic infrastructure uplift; approves budget proposals

ISLAMABAD: Prime Minister Nawaz Sharif on Wednesday said the development allocation for the financial year 2017-18 had been increased threefold as compared to the budget allocation in the financial year 2012-13.

While chairing a high echelon meeting on budgetary proposals, the premier said that the socio-economic uplift of masses was the government's priority and the budget strategy was an important tool for achieving these objectives. He directed that the budget should be public-friendly.

The premier was briefed on the budget strategy for the financial year 2017-18. "Our government has focussed on infrastructure development but at the same time, accorded top priority to the social sector also," he claimed. The PM also approved budget proposals. 

Prime Minister Nawaz said the unprecedented growth in the development allocation for the financial year 2017-18 had increased threefold as compared to the budget allocation in the financial year 2012-13. “Our government has also accorded due priority to Azad Jammu & Kashmir, Gilgit-Baltistan and Fata,” he said.

The meeting was attended by Minister for Finance Muhammad Ishaq Dar, Special Assistant to Prime Minister Haroon Akhtar and senior officials.

Meanwhile, the prime minister has reminded that sound footing of Pakistan’s economy has been offering a range of investment opportunities in the country since constant economic growth and increasing foreign investment in energy and infrastructure sectors were encouraging indicators. The increase is noticeable under the China Pakistan Economic Corridor (CPEC).

He was talking to Chairman Standard Chartered Bank Jose Vinals, who called on him here at the Prime Minister's House on Wednesday. The premier said that sound capital base, remarkable growth in assets and profitability and compliance with international standards put Pakistan's banking sector at a very competitive position in the region for investors.

He said Pakistan's banking sector had shown an impressive performance and proved its resilience with stable outlook. Due to growth focused policies, Pakistan has been upgraded to the list of emerging markets, he said.

The prime minister said regulatory and supervisory framework of Pakistan was very progressive and provided supportive environment to the international investors. Pakistan stock market was ranked as the 5th best performing stock market in 2016 and the current GDP growth rate stood above 5.3%.

The PM said Standard Chartered was one of the oldest and the largest international banks in Pakistan and appreciated its continuous commitment to introduce new technology and innovative financial products, including Islamic banking in Pakistan, compatible with global standards.

Chairman Standard Chartered Bank said his bank would like to further enhance cooperation with Pakistan. Chief executive officer and managing director (North), Standard Chartered Bank, accompanied the chairman.