Budgets of Punjab and Balochistan to be presented today

PunjabFirst time in history, the Punjab province is set to witness its first-ever presentation of a budget by a caretaker government.

Departing from tradition, the budget will be approved by the caretaker cabinet rather than being presented in the assembly.

Earlier today, the interim executive convened a cabinet meeting at 4pm to seek approval for the provincial budget for the four months, projecting a total outlay of Rs1,368 billion.

Budget breakdown

• Rs426.87 billion has been allocated for ongoing development schemes previously approved by the former Punjab Assembly, as per the official budget document

• Additionally, Rs941.34 billion has been earmarked for current expenditures. In line with the federal government’s announcement in the federal budget, the interim setup intends to increase salaries and pensions in the province. This entails a 17.5% rise in pensions, a 35% increase in salaries for grade I to 16 employees, and a 30% increase for grade 17 to 22 employees

• The proposed budget allocates a total of Rs413 billion for salaries, pensions, and other expenses of government employees. The increased salaries and pensions will place an additional burden of Rs42 billion on the provincial exchequer

• Furthermore, the budget documents reveal that the Punjab government currently owes Rs565 billion to various banks and anticipates making a mark-up payment of Rs32 billion in the fiscal year 2023-24

• To formulate the budget for the four-month period and forecast projections for the entire fiscal year, the caretaker government established a Joint Priorities Committee (JPC). The JPC has already given its approval to the proposed budget, offering recommendations on the allocation of funds for various sectors

• As per the JPC’s proposals, Rs69.8 billion has been allocated for ongoing development schemes in higher education

• Rs4.64 billion for literacy and non-formal education, Rs64.84 billion for primary and secondary healthcare

• Rs58.21 billion for school education in province.Rs32.18 billion for industry, commerce, and trade, Rs11.44 billion for youth affairs and sports, Rs4.82 billion for tourism and archaeology, Rs8.81 billion for environmental protection projects, Rs3.41 billion for information and culture, Rs62.69 billion for irrigation, Rs2.3 billion for labor and human resources

• Rs24.26 billion for livestock and dairy development, Rs12.69 billion for population welfare, Rs5.47 billion for social welfare and Baitul-Mal, Rs1.85 billion for special education, Rs29.35 billion for transport, Rs10.6 billion for energy development projects, and Rs2.9 billion for women development.

• Furthermore, the JPC has proposed an allocation of Rs8.5 billion for urban development, Rs3 billion for law, order, and parliamentary affairs, Rs2.64 billion for local government and rural development, Rs5 billion for planning and development, Rs3.95 billion for the provincial assembly

• Rs19 billion for the Board of Revenue, Rs50 billion for Services and General Administration Department (S&GAD), Rs420 million for Zakat, Rs3 billion for prosecution, and Rs161 billion for the health department.

• In addition, the JPC has recommended allocating Rs161 billion for the police, Rs40 billion for agriculture, and Rs11 billion for Rescue-1122

• Other noteworthy proposals in the budget include Rs860 million for the chief minister’s house, Rs140 million for the CM inspection team, and Rs630 million for the governor’s secretariat expenses

With these comprehensive allocations across multiple sectors, the caretaker government aims to address the pressing needs of the province and provide a solid foundation for growth and development in Punjab.

BalochistanOn the other hand, the budget of Balochistan will also be presented today. The size of the budget is likely to be close to Rs7 trillion.

According to the provincial finance department, there is a possibility of a deficit of over Rs100 billion in the budget of the fiscal year 2023-24.

The provincial government is also likely to advertise 5,000 jobs in the budget, according to sources.

It is likely to increase the salaries of government employees by 15%.

Earlier, the Balochistan government had postponed the presentation of the provincial budget for the financial year 2023.

The budget was scheduled to be presented 16 June, 2023, in the provincial assembly.

The date for the budget announcement was extended as MPAs and ministers belonging to different political parties had suggested new development schemes in the budget, sources in the Finance Department said.

SuchTV, 19 Jun, 2023 Visit to News Source Webpage

Budgets of Punjab and Balochistan to be presented today

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