- This is the third budget of the PTI government.
- Tarin had announced government’s intentions to introduce commodity warehousing and cold storages.
- Finance minister had said poor people would be the number one priority in the budget.
All eyes are one the Parliament as Finance Minister Shaukat Tarin presents the budget 2021-22.
The finance minister was greeted by jeers from Opposition benches, with members shouting slogans and taunting the finance minister by laughing loudly as he praised PM Imran Khan’s economic initiatives.
Presenting the Economic Survey of Pakistan 2021 yesterday, Finance Minister Shaukat Tarin had said the government plans to boost agriculture as Pakistan was now heading towards a direction which would enable it to become a food exporter, as opposed to a net food importer, which it had become now.
To achieve this, the finance minister revealed that the government had planned to introduce commodity warehousing and cold storages to diminish the role of the middlemen. In this way, he said, the government will be able to put a check on profiteering and be able to build strategic reserves to counter speculative and market fixing behaviours.
The minister had stressed on the importance of sustainable growth, saying that the country’s burgeoning young population needed two million jobs per year, and without growth, it was impossible to create employment on such a massive scale.
Tarin had stressed that unfortunately commercial banks do not lend to the poor in Pakistan. He said due to this, wealth was not being redistributed in Pakistan which was crushing the poor under financial burden.
The finance minister said since had profound knowledge of the country’s banking system, he will use that experience to show commercial banks how to provide loans to the bottom 4-6mn people in the country and help them realise their dreams.
Speaking about the importance of the small-and-medium enterprises (SMEs), Tarin said it was unfortunate they were provided only 6% of the banking credit. In Budget 2021-22, he promised to prioritise funding for SMEs as well.
“Exports, exports, exports,” the finance minister had stressed yesterday, saying that Pakistan will provide incentives to enhance not only its traditional but also non-traditional exports. We have to earn dollars and until we do so, how can we repay back our debt?” he had asked.
More to come