Asad Umar highlights salient features of budget 2021-2022

01:21 AM | 9 Jun, 2021
Asad Umar highlights salient features of budget 2021-2022

ISLAMABAD — Federal Minister for Planning and Development Asad Umar on Tuesday talked about the budget the PTI-led government has allocated for different projects in fiscal year 2021-2022.

Addressing a press conference in Islamabad, Umar said the government had to increase investment in health, education and the environment, adding that all parts of the country should have equal opportunities for development.

He said that Pakistan’s production sector would have to move forward but a lot of funds were needed for this purpose, adding that the government had limited funds.

"Pakistan’s national development budget for the next financial year has been set at Rs2102 billion, which is 36.4% higher than the current financial year," he said.

The federal development budget will be Rs900 billion, he said, adding that the government would give priority to water projects in the next financial year as well.

"Development budgets for energy, water, social development and science and technology are being increased, while major road projects, including the Sukkur-Hyderabad Motorway, will be made in the next financial year,” Umar said.

Giving more details, the minister said that Sukkur-Hyderabad Motorway project was worth Rs200 billion and added that other projects, worth Rs530 billion, would be approved by the public-private authority.

Speaking about the water projects in Sindh, Umar said that the new budget also had allocations for the K-IV and Nai Gaj Dam, adding that water projects worth Rs25 billion already exists in Sindh.

He said that Rs100 billion is being spent on the power transmission system, while funds are being set aside for the Tarbela expansion project.

"A sum of Rs44 billion has been earmarked for the higher education sector in the upcoming budget, said Umar. "As for the social sector, 20% has been set aside instead of 11%."

In terms of climate change initiatives, Umar announced the government has set aside Rs14 billion for the government's flagship 10 Billion Tree Tsunami initiative.

He said the government has spent Rs51 billion on the health sector in the current fiscal year, adding that Rs85 billion have been set aside for the Bhasha Diamer and Mohmand Dams.

Speaking about the China-Pakistan Economic Corridor (CPEC) and its related projects, the minister said that government has set aside Rs87 billion for the purpose, while Rs42 billion have been kept for the western route.