'Punjab targeting Rs250b budget surplus'

Stresses financial position of province is stable and improving

LAHORE: Punjab Finance Minister Makhdoom Hashim Jawan Bakht has said that the province will achieve a budget surplus of Rs250 billion if the government successfully meets the revenue target of the current fiscal year.

Already, he said, the provincial government has paid off Rs56 billion worth of debt owed by the previous administration in shape of bill payments to contractors.

Talking to media on Monday, the minister emphasised that financial position of the province and its bank was stable and improving.

Furthermore, the revenue of Metro Bus has also gone up due to increase in fares by Rs10 whereas the transport department has been asked to submit details of increase in fares so that an evaluation could be made on its impact on the commuters.

The minister clarified that the Orange Line Metro Train project did not face any financial hurdles and it would be made operational in the current fiscal year. “Fares of the train service will be decided in accordance with business plan of the project,” he said.

The minister pointed out that the forthcoming Provincial Finance Commission (PFC) meeting would particularly focus on human resources development in local government institutions and would not delay local government elections.

He revealed that funds were approved and released on the justified demand of assembly members, adding that required financing for the Naya Pakistan Housing Scheme had been approved and would be released whenever demanded. Responding to a question, the minister stressed that work on World Bank projects had been going on and the bank’s reservations had been addressed.

He acknowledged that the government was not advertising its development projects and work but emphasised that it did not mean the province was not investing in development work and it was not progressing.

“In fact, a judicious use of development budget has been ensured and the province is progressing in a better way on the development front,” Bakht remarked. “The government is introducing agriculture reforms in the province as reforms are crucial for a positive change.”

Earlier speaking about the Punjab Component of the Ease of Doing Business 2020 report, the minister said within just one year of the Pakistan Tehreek-e-Insaf (PTI) government, Pakistan had jumped 28 spots in the international EODB ranking and was placed as the top reformer in South Asia and the sixth around the world.

“It has been the top priority of Prime Minister Imran Khan since day one, however, we should now work on bringing the number into double digits and also promote healthy competition nationally between cities to make further progress on the indicators,” he said.

The report launch was organised by the Planning and Development Board Punjab. The reform initiatives undertaken by the provincial government to improve the overall business environment contributed to the unprecedented increase of 28 places in Pakistan’s ranking, the minister said.

“Crucial work on improving the business environment is under way and will bring intended results and make Punjab a business-friendly province,” he remarked.

Adviser to Punjab Chief Minister Dr Salman Shah said the improved ranking was a result of collaboration and coordination between different departments and the commitment of the government to ensure ease of doing business for everyone and to encourage investors.

“New investments will create new jobs and hence bring prosperity to the country,” he said.

Planning and Development Board Chairman Habibur Rehman Gillani said as a focal agency for doing business in Punjab, the board brought all other departments and agencies on board and under the supervision of finance minister ensured seamless execution of work.

He added that the government was working on the concept of “regulatory guillotine” with a view to rationalising, modernising and automating business regulations.

Published in The Express Tribune, October 29^th, 2019.

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