ISLAMABAD: Economy is showing signs of turn around, said Finance Minister Abdul Hafeez Sheikh on Saturday as he addressed the National Assembly.
He stated this while giving the budget speech where he said that this was the first budget to be released after the NFC award.
Maximum fiscal space will be given to the provinces, Sheikh announced. He also said that the provinces deserve a greater share of funds then the centre.
The finance minister stated the government had to take many unpopular decisions during the global economic recession, which he described as the worst faced by the international community since the end of the Second World War.
Hafeez Sheikh said that the government failed in tackling enemployment and the energy crisis in the country.
The finance minister announced that the country has experienced a record 25 per cent inflation during the recession. He also said that the forex reserves of the nation has risen to $16 billion.
Hafeez Sheikh also said that the goverment will do everything possible to protect the stability of the economic recovery.
Pakistan will increase defence spending by 17 per cent in the 2010/11 fiscal year as the US ally intensifies its battle against Taliban insurgents operating from their enclaves on the border with Afghanistan.
Defence spending is set to rise to 442.2 billion rupees ($5.17 billion) for the 2010/11 fiscal year beginning on July 1, compared with 378.13 billion rupees allocated in 2009/10.
“I think security is our topmost issue,” Finance Minister Abdul Hafeez Shaikh told parliament in his budget speech.
“We are facing a situation in which our armed forces, paramilitary forces and security forces are laying down their lives ... They should know from this house that we all stand by them.”
He stated this while giving the budget speech where he said that this was the first budget to be released after the NFC award.
Maximum fiscal space will be given to the provinces, Sheikh announced. He also said that the provinces deserve a greater share of funds then the centre.
The finance minister stated the government had to take many unpopular decisions during the global economic recession, which he described as the worst faced by the international community since the end of the Second World War.
Hafeez Sheikh said that the government failed in tackling enemployment and the energy crisis in the country.
The finance minister announced that the country has experienced a record 25 per cent inflation during the recession. He also said that the forex reserves of the nation has risen to $16 billion.
Hafeez Sheikh also said that the goverment will do everything possible to protect the stability of the economic recovery.
Pakistan will increase defence spending by 17 per cent in the 2010/11 fiscal year as the US ally intensifies its battle against Taliban insurgents operating from their enclaves on the border with Afghanistan.
Defence spending is set to rise to 442.2 billion rupees ($5.17 billion) for the 2010/11 fiscal year beginning on July 1, compared with 378.13 billion rupees allocated in 2009/10.
“I think security is our topmost issue,” Finance Minister Abdul Hafeez Shaikh told parliament in his budget speech.
“We are facing a situation in which our armed forces, paramilitary forces and security forces are laying down their lives ... They should know from this house that we all stand by them.”
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