Budget estimate stands at Rs1,360b
Commercial banks have continued to increase the rate of return on financing to the government keeping in view the high demand for budgetary financing. PHOTO: file
The total receipt estimate for the fiscal year 2023-24 stands at Rs1,456.712 billion with a notable increase of nine percent while the total budget estimates for the fiscal year 2023-24 is Rs1,360.4 billion demonstrating a moderate two per cent increase as compared to previous financial year, with a surplus of Rs96.3 billion achieved underscoring prudent fiscal management and economic reforms.
These views were expressed by Advisor to Khyber-Pakhtunkhwa Chief Minister on Finance, Muzamil Aslam and Minister Law and Finance, Aftab Alam while addressing the post-budget 2023-24 press conference at Civil Secretariat Peshawar here on Saturday.
Finance Secretary, Aamir Sultan Tareen and Special Secretary, Khuda Baksh were also attended the briefing. Muzamil Aslam while detailing the current budget estimates for 2023-24 said that the total expenditure is Rs1,059.3 billion against Rs913.8 billion with a 16 per cent increase while total settled districts current budget stands at Rs942.4 billion with an increase of 19 per cent.
K-P Advisor Finance said that among the main features of the ongoing expenditure for the settled districts includes Rs1.5 billion for Ehsas Eid package, Rs0.5 billion for providing shelters, Rs2.8 billion for relief measures, Rs26 billion for Sehat Card, Rs47.8 billion for wheat subsidy, Rs3.4 billion for procurement of machinery for police and Rs6 billion for provision of free textbooks.
He said that total Merged Areas’ current budget is Rs116.9 against Rs124.0 billion showing decrease of 6 per cent such as decrease of 0.3 per cent in provincial salary and increase of 23 per cent of tehsil salary, decrease of 17 per cent in provincial non-salary budget and decrease of 9 per cent in tehsil non-salary budget and pension expenses have increased by 297 per cent in current fiscal year.
Adviser Finance while giving details regarding the Development Budget 2023-24, said that total development budget stand at Rs301.1 billion against Rs418.2 billion with decrease of 28 per cent such as settled provincial ADP of Rs86 billion against the last year’s Rs185 billion showing a decrease of 54 per cent, settled districts ADP of Rs17 billion with decrease of 54 per cent.
He said that under the ADP of the merged districts, Rs26 billion are included with an increase of 30 per cent against previous Rs20 billion.
He said that caretaker government has no mandate to spend the development budget while they released Rs113 billion in the first four months, Rs112 billion in the second four months, while the current political government released Rs86 billion in current fiscal year.
The Advisor observed that the federal government has done an agreement with the IMF to give a surplus of Rs450 billion of the whole country, in which K-P’s share becomes Rs96 billion, and K-P has a surplus of Rs65 billion in nine months, while Sindh province, which is double the size of K-P has only Rs77 billion surplus and Punjab which is double the size Sindh has only Rs150 billion surplus.
He added that electricity bills have bankrupted almost every citizen in Pakistan, as K-P is providing cheap electricity to the federal government at Rs1.1 per unit and the federal government sells it at Rs30 to 60 per unit while the federal government did not release these funds on time.
Published in The Express Tribune, May 12th, 2024.