Islamabad, June 08, 2022 (PPI-OT):Finance Minister Miftah Ismail has said that the government is determined to present a progressive budget, with special focus on fiscal consolidation to bring down the budget deficit below five percent of the Gross Domestic Product. Addressing the Pre-Budget Business Conference, he said an effective strategy has been evolved to achieve six percent GDP growth and control inflation. Miftah Ismail said the incumbent government had to take difficult decisions to put the economy on track.

He said the PML-N came into power in a difficult situation and it will leave the government in a much better condition on completion of its tenure. The minister said the government has re-engaged Saudia Arabia, China, the United Arab Emirates and other friendly countries and it will hopefully help improve economic situation in the country.

Meanwhile, Minister of State for Petroleum Dr Musadik Malik, in his address to the conference, said the government is preparing a robust policy in consultation with quarters concerned, under which special incentives will be given to oil and gas exploration companies for discovering new hydrocarbon reserves in potential areas of the country. He said the private sector will be encouraged to actively participate in the business of Liquefied Natural Gas by setting up their LNG terminals and distribution system.

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