Highlights of Post-budget press conference by Finance Minister

Following are the highlights of the Post-Budget Press Conference addressed by the Finance Minister, Shaukat Aziz:

-Taxation measures to generate Rs 5.7 billion revenue

-Increase in pay and pension to cost federal govt Rs 8-9 billion

-No mini budget during fiscal 2001-2002

-The objectives of the federal budget 2001-2002 are fiscal

adjustment, growth opportunities, revival of the economic

activities and investors' confidence and relief to the common

people.

-Fiscal deficit to be reduced to 4.9 % from the previous

level of 5.3 %

-Major chunk of the Annual Development Programme (ADP) to go

to agriculture sector especially water-related projects and the

measures to offset the effects of the drought-like situation and

for execution Mirani dam, Gomal Zam Dam, Thal Canal and Kacchi canal.

-Master plan for Gawadar development being prepared with

main emphasis on coastal highway, airport and fish harbour.

- Tariff regime rationalization' to result in downward

revision of duty on 4000 items.

-Tariff has been rationalized to cut down raw material cost

-Incentives for the capital market

-Income Tax exemption limit increased to Rs 60,000.

-Self-Assessment Scheme (SAS) extended to public companies

-CED removed from 11 items

- Fiscal adjustment made by 1 percent

-SRO regime brought down to 60 from the previous 120.

-No new tax imposed

-Complete protection to Foreign Currency Accounts (FCAs)

under new ordinance.

- New Shipping policy in the offing

- New fertilizer plicy to be unfolded shortly

-Micro-credit ordinance prepared

-Fiscal Responsibility Law enactment to limit foreign and

domestic borrowings by the government.

-defence budget allocation for new fiscal not to affect

country's deterrence capability

-Smuggling to be ultimately controlled through tariff

measures

-Separate counters for overseas Pakistanis to be set up at

Airports

-Details in the budget regarding contingent liabilities and

subsidies a step towards transparency

-Pay and Pension Committee Report to be published within

next two month

-The worth of tax element (levy) in oil price stands at Rs

32 billion

-Oil sector being de-regulated

-No GST on ghee at retail level

-Duty imposed only on edible oils which are unfit for

cooking.

-Upward revision of petrol prices due to increase in the

international market

-Not a single penny being spent by government on the

development of Railway golf clubs in Lahore

-Adjustment in petrol prices not a mini-budget

-NAB doing well. The amount recovered by NAB to be disbursed

among the victims of cooperatives scam.

-No limit on agriculture credit to the ADBP and other banks

from the State Bank of Pakistan.

-Pak foreign exchange reserves swell to US $ 1.743 billion

-Management, emplyees problem in NBP, HBL and UBL resolved

- Funds for Drought control and Khushali Bank loans to be

disbursed through district governments

-Rs 1.8 billion being spent on police reforms

-Police asked to utilize their prime land assets in urban

areas to generate resources

-Impact of Revenue measures to stand at Rs 5.7 billion