ISLAMABAD - Preparations of the annual budget for next financial year 2014-15 has begun here, as Finance Minister Senator Mohammad Ishaq Dar chaired a meeting to rollout the preparation of budget.

Dr Waqar Masood, Finance Secretary made a detailed presentation on the next budget. Finance Minister stressed the need for continued vigilance on expenditure in line with revenue receipts so that the budgetary targets are achieved without fail.

While commenting on the preparatory exercise, presented to him, the Finance Minister emphasised that austerity will continue to remain the hallmark of PML-N’s budget strategy and fiscal management. The Finance Minister further underlined the need for clear and meaningful indications of  budgetary ceilings to all federal ministries and for Public Sector Development Programme (PSDP) so that they can prioritise and formulate their expenditure proposals well in time. Senator Ishaq Dar expressed his satisfaction on fiscal results for the first eight months of the current year, which showed a deficit of 3.2pc as compared to the proportionate target up to February of 3.5pc.