Cabinet greenlights past financial budgets

Assembly absence delayed previous K-P budgets

PESHAWAR:

Khyber-Pakhtunkhwa Cabinet on Friday approved budget for the financial years 2022-23 and 2023-24 to be presented in the upcoming budget session of the assembly as required under the constitution.

The special cabinet meeting chaired by Chief Minister Ali Amin Gandapur via video-link, also approved revised estimates for the financial year 2022-23, essential expenditures for the current month of May (i.e till May 31 2024) and the budget strategy for the next financial year (2024-25) after comprehensive discussions.

It is worth mentioning that budgets for the financial year 2022-23 (revised) and 2023-24 could not be approved from the assembly as affairs of the province were run and administered by the caretaker government in the absence of the assembly.

The financial requirements of the province were approved by the cabinet with different intervals as per the constitution and the law. The constitution requires that these decisions and expenditure shall have to be now presented before the assembly after approval of the cabinet.

The special cabinet meeting was convened to deliberate on the annual provincial budgets, with a specific focus on the province’s development sector. Comprehensive discussions aimed at fostering industrialization to bolster revenue generation and provide substantial employment opportunities across the province were held during the meeting.

Ministers, advisors, special assistants, chief secretary, administrative secretaries and senior government officials participated in the meeting.

The CM underscored the paramount importance of proposals from all departments to drive industrial growth. He emphasized on the cabinet members to move beyond the politics of basic infrastructure development, such as street paving and drainage, and instead prioritize initiatives that enhance the purchasing power of the general populace.

He reiterated that fostering a conducive business environment is fundamental to attracting investors and boosting revenue streams. He highlighted the success of the provincial government’s wheeling model, which ensures affordable electricity for industrialists, alongside burgeoning investor interest in the establishment of solar parks for cheap energy generation.

In an address to key administrative officials, the CM underscored the importance of adhering to principles of financial discipline and prudent resource management across all departments. Stressing the need for fiscal responsibility, he urged officials to minimize expenses and ensure the judicious use of available financial resources.

Highlighting the significance of revenue generation, he directed all concerned departments to focus on increasing their income streams and optimizing the utilization of assets. He emphasized the imperative of transitioning to online tax collection systems for enhanced efficiency and effectiveness.

“It is our foremost priority to bolster provincial revenue streams rather than relying on external loans,” stated Gandapur, underscoring the government’s commitment to financial self-sufficiency.

Addressing employment generation and industrial development, he outlined plans to shift focus from traditional employment avenues to entrepreneurship. Soft loans will be extended to empower the youth in establishing their businesses, thereby fostering economic growth and job creation.

Published in The Express Tribune May 11^th, 2024.