Thread by @TribuneBiz

#PTI govt unveils corona-influenced #budget
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HAPPENING NOW: When we assumed leadership, current account deficit was Rs20b, circular debt was Rs1200b, rupee was kept inflated and SBP reserves fell from Rs18b to below Rs10b," says Federal Minister of Industries & Production Hammad Azhar while presenting #Budget2021

No measures had been taken to combat money laundering, says Azhar. "We took key decisions to stabilise the economy and we saw improvement in key indicators."
Current account deficit was brought down, trade deficit contracted 21 per cent, he adds while presenting #Budget2021

Failure to curtail money laundering resulted in Pakistan being placed on gray list. "Due to the debts taken by the past government, we had to make interest payments worth Rs5,000 billion in the outgoing fiscal year," says Hammad Azhar while delivering #Budget2021 in NA.

"For the first time, primary surplus was 0.4% in surplus of GDP. Foreign exchange reserves remain stable, with Rs1600billion in non-tax revenue collection," Hammad Azhar says during #Budget2021 speech

Talking about PTI-led govt's achievements, Azhar says 1 million Pakistanis were sent abroad for jobs and remittances increased. "In 2019, Pakistan was among top performing global markets." Govt stopped taking loans from #SBP, no supplementary grants were given in past year

@etribune To enhance performance of state owned entities, structural reforms were initiated, says Hammad Azhar. "National tariff policy was approved, aimed at transparency in tariffs and to create jobs," says minister in #Budget2020 speech, adding steps taken to imporve energy sector

@etribune "Refunds of Rs254b released, while structural reforms initiated to improve key sectors. "Public Finance Act 2019 was approved." Moreover, 47 entities to be reformed and five to be eliminated under privatisation. 14 would be given to provinces. 35 would be merged #HammadAzhar

@etribune "Ease of doing business initiated and Pakistan climbed from 136 to 108 in one year," says Hammad Azhar while giving #Budget2020 speech punctuated by heckling from opposition amidst protest.

The novel #coronavirus was first a health issue, then it became a social and economic issue particularly for developing countries, says #HammadAzhar. "Due to social distancing, economy is undergoing negative impacts, inversely impacting GDP," says minister in #Budget2020 speech

Talking of impact in numbers, Azhar says industries growth contracted, going from 3.3% to -0.4%. "Deficit reached 9.1% of GDP. Remittances & exports are directly affected," he says, adding govt approved Rs1200b package to combat #Covid19, with Rs200 b set aside for daily wagers

Elaborating on the stimulus, #HammadAzhar says Rs50b earmarked for Utility Stores Corporation, Rs100b for trade sector, Rs100 billion for electricity and gas bills. "PM Imran gave a special package in which bills of 3 million businesses were paid." #Budget2020

Petrol price has been reduced by Rs42 per litre and relief of Rs70b given. "5.25% reduction in policy rate to 8%," says Hammad Azhar while addressing #Budget2020 session, his speech punctuated by heckling from protesting opposition members.

For more: tribune.com.pk