While terming the budget 2018-19 presented by the previous government unrealistic, Finance Minister Asad Umar Monday announced that either the government will formally announce a new budget or the existing budget will be amended. "The budget presented by the previous government was not realistic and we have to look whether to present a proper new budget or sort out another method but it has been decided by the Prime Minister that the real picture and implications of the existing budget would be presented before the Parliament," Umar said while talking to media persons after assuming the charge of the Finance Ministry here on Monday.

The finance minister further said that no doubt challenges are there but opportunities are greater. "Even if the government goes with the existing budget, we will have to see what kind of deficit it will be leading towards. We will share it with the Parliament to make a clear picture for future decisions," he said.

"A comprehensive strategy for collective economy is on the cards and it will be announced within days and not take months. We have already announced to issue bonds and Sukuk for the overseas Pakistanis but a formal approval of cabinet is not granted so far in this regard," he added. Umar further stated that during its first cabinet meeting on Monday, the government has decided to form a task force with the mandate to bring laundered money back to Pakistan. The task force has been given a period of two weeks to chalk out a plan to bring looted money back and the plan would be presented before the Prime Minister and cabinet, the finance minister added.

Later, the finance minister in a tweet said, "The first decision of the new cabinet was to form a high-powered taskforce to recover unlawful wealth stashed abroad. Message to those who have stolen public money and hid it abroad is loud and clear: we are coming after you."

On August 19, Prime Minister Imran Khan in his first address to the nation had announced that his government will make a high-powered task force to bring ''laundered money'' back to Pakistan. "We do not know about the overall money parked outside the country but know about the $8 billion invested in the Dubai real estate, as figures released by their authorities said. We do not know about the money in Swiss accounts but former finance minister has stated on the floor of the Parliament four years ago that $200 billion are parked in Swiss accounts but did nothing for bringing them back," Umar added.

Speaking about the Pakistan International Airlines Corporation (PIAC) and Pakistan Steel Mills, he shared that the employees of these two organizations will not be terminated. The financial losses incurred by the PIAC and Steel Mills are not due to their employees. Holding employees responsible for financial losses is wrong, he added.

Umar further said that over 500 employees used to work at the Prime Minister House. There employees will now work for the people of Pakistan. "We are not going to send home any person because we do not want to increase unemployment," the finance minister added.

Copyright Business Recorder, 2018