PM Shehbaz Stresses Need to Overcome Revenue Shortfall

Prime Minister Shehbaz Sharif Wednesday underscored the need for export-led growth to achieve economic development.   Chairing the federal cabinet meeting in Islamabad, He said revenue collection target for the month of December was achieved by ninety-seven percent, which is encouraging but added that a “gaping hole” remains between tax collection and assigned targets.  It is pertinent to mention here that the Federal Board of Revenue (FBR) collected Rs. 1,326 billion in December 2024 against the assigned target of Rs. 1,373 billion, translating to a gap of a gap of Rs. 47 billion in tax collection. Moreover, the revenue shortfall for the first six months of FY25 has surged to Rs. 386 billion. The premier expressed satisfaction with the macroeconomic stability achieved by the country, emphasizing that it is now time to move forward towards growth.  Describing the launch of Uraan Pakistan, he expressed confidence that it would prove to be a good omen for the New Year. He, however, emphasized the need for diligence and steadfastness to achieve the targets.    The Prime Minister pointed out that foreign remittances reached $15 billion in the first five months of the current fiscal year, expressing confidence that they could reach the historic $35 billion mark if the current trend continued.  During the meeting, the prime minister directed that the details of public sector imports from Gwadar Port, over the past three months, should be presented in the next meeting of the cabinet.  The cabinet gave its principled approval for legislation on amendments to Section 3(7) of the Pakistan Telecommunication (Reorganization) Act, on the recommendation of the cabinet division/secretariat.  It also recommended approval of the regulations for the appointment of Information Group officers as Press Officers at Pakistan’s diplomatic missions abroad, proposed by the Ministry of Information and Broadcasting. These regulations would ensure a more transparent and merit-based process for the appointment of Information Group officers at Pakistan’s foreign missions.  The cabinet approved the registration/recognition of Liaquat University of Medical and Health Sciences, Thatta, on the recommendation of the Ministry of National Health.  The cabinet, in light of the judgment in Human Rights Case No. 623-P/2017 by the Supreme Court of Pakistan and the recommendation of the Ministry of National Health, approved the reconstitution of a committee to determine the prices of life-saving medical equipment.  On the recommendation of the Ministry of National Food Security and Research, the cabinet approved sending the National Food Safety, Animal and Plant Health Authority Bill to Parliament.  It also ratified the decisions taken in the meeting of the Cabinet Committee on Legislative Cases held on December 17, 2024. However, the ratification of amendments to the Citizenship Act has been deferred.  The cabinet accorded its approval to the decisions taken in the meeting of the Economic Coordination Committee held on December 18. The cabinet ratified the decisions made in the meeting of the Cabinet Committee on State-Owned Enterprises held on December 24.