Punjab government unveils Rs 2300 billion provincial budget

Punjab government unveils Rs 2300 billion provincial budget
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LAHORE – The Punjab government on Friday unveiled its budget with a total outlay of over Rs2,300 billion for next fiscal year in provincial assembly.

Presenting budget in the House, Punjab Finance Minister Hashim Jawan Bakht said that out of total volume, 350 billion rupees are reserved for development while 1717 billion rupees for non-development purpose.

He said that an estimate of collections worth 1990 billion rupees has been ascertained for General Revenue Receipts.

Punjab is expected to receive an amount of Rs2.061 trillion from the federal government as its share from National Finance Commission Award.

For the first time, budget is equally distributed among all regions of Punjab, with 35% for South, 33% for north region

Ahead of the budget session at the Punjab Assembly, the provincial cabinet met in the morning and approved the budget for 2019-20 and finance bill 2019.

The provincial government, in line with the federal government’s move, decided to impose 10pc cut on the salaries of provincial ministers. The matter has been reflected on the cabinet agenda for final approval.

The Punjab government is expecting its share of Rs1.5 trillion from the federal divisible pool as against current financial year’s original share of Rs1.27tr.

The government is expecting Rs27bn from foreign project assistance, Rs33.5bn current capital receipts and Rs237.7bn loans for food (wheat) procurement.

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