February 17, 2007	Saturday	Muharram 28, 1428

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ISLAMABAD, Feb 16: A high-level meeting on Friday reviewed the country's current and medium-term fiscal situation as part of the budget making exercise for the forthcoming financial year.

Presided over by Prime Minister Shaukat Aziz, the meeting was attended by the adviser to prime minister on finance, minister of state for finance, SBP governor, finance secretary, economic adviser and other high-ranking officials of the concerned ministries and divisions.

He expressed satisfaction on the overall fiscal situation for the current year and asked the finance ministry and the CBR to start working for revenue projection for the coming budget as well as for the medium term.

He emphasised that in order to sustain a 6 to 8 per cent growth momentum, Pakistan would need to spend more on strengthening physical and human infrastructure for which a substantial amount of resources would be required.

In view of the ongoing reforms in tax system, tax administration in the CBR and buoyant nature of domestic economic activity, the collection of adequate resources to support infrastructure development and meet other expenditure requirements should not be difficult, he said.

He asked the finance ministry and the CBR to devise a strategy to generate resources consistent with the country's expenditure requirements and priorities for the medium term.