Prime Minister Shehbaz Sharif said that the incumbent government would steer its way out of challenges by taking tough decisions while minimising the impact on vulnerable segments of society.

“These are difficult times brought upon us by recent years of economic mismanagement,” the prime minister said in a series of tweets on Friday.

The premier congratulated Federal Minister for Finance Miftah Ismail and his entire team on the presentation of a balanced, progressive and pro-people budget.

“Making a budget in financially challenging times with so many constraints is no less than a herculean task,” he said.

The premier shared his thoughts on how the government was aiming to “shield financially weaker citizens from economic hardships”.

The government had also decided to tax non-productive assets of the rich including 5% tax on the purchase of second property, the prime minister said, adding that billions of rupees had been allocated for targeted subsidies which “is in addition to Rs. 344 billion allocated for BISP. Only deserving people to get the subsidy.”

He said that zero tax had been announced for import of agricultural machinery and implants which would enable farmers and agriculture to progress.