Govt to cut spending to reduce deficit | The Express Tribune
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ISLAMABAD: The interim federal government has decided to reduce spending on a massive scale in order to show a surplus of Rs600 billion on behalf of the provinces during the current fiscal year and to meet the International Monetary Fund’s (IMF) condition of reducing the financial deficit of the Centre. It has also been agreed that any new projects under the annual development programme would not be launched. The finance ministry sources said the caretaker government had made this decision because of the difficult financial situation of the country. The Special Investment Facilitation Council (SIFC) also backed the proposal. The federal government decided not to launch any new schemes under the Annual Development Programme in the current fiscal year to reduce the expenses. However, the financial needs of the ongoing development projects will be met. According to the sources, it has been decided to take the share in the subsidy of electricity, gas, wheat and fertili...