KP new surplus budget for fiscal year 2019-20 with record outlay of Rs 900bln announced
The Khyber Pakhtunkhwa new surplus budget for fiscal year 2019-20 with a record outlay of nine hundred billion rupees was announced on Tuesday.
Presenting the budget in Provincial Assembly in Peshawar this evening, Finance Minister Taimur Saleem Jhagra said the total revenue has been estimated at nine hundred billion rupees against the estimated expenditure of eight hundred and fifty-five billion rupees thus showing a surplus amount of forty-five billion rupees.
The Finance Minister said the province will receive four hundred and fifty-three billion rupees from the federal taxes and fifty-four billion rupees from the federal divisible pool for war on terror.
It will also receive an amount of one hundred and fifty-one billion rupees from the federal government for development of tribal districts in addition to fifty-five billion rupees as net profit of electricity.
He said one hundred and eight billion rupees has been allocated for the Annual Development Programme which is a record. This amount is forty-one percent more than the current ADP.
The finance minister announced ten percent increase in the salary of government employees from scale one to sixteen and five percent from seventeen to twenty.
The finance minister said the age of superannuation has been enhanced from sixty to sixty-three years this will help in saving twenty billion rupees annually.
Earlier, a meeting of the Khyber Pakhtunkhwa cabinet was held in Peshawar with Chief Minister Mahmood Khan in the chair.
The cabinet approved budgetary proposals for new financial year.