Punjab presents Rs2.3 trillion budget for FY2019-20

04:51 PM | 14 Jun, 2019
Punjab presents Rs2.3 trillion budget for FY2019-20

LAHORE – The Punjab government on Friday unveiled its budget with a total outlay of over Rs2,300 billion for next fiscal year in provincial assembly.

Presenting budget in the House, Punjab Finance Minister Hashim Jawan Bakht said that out of total volume, 350 billion rupees are reserved for development while 1717 billion rupees for non-development purpose.

Giving break-up of the budget in his speech in the house, the minister said that General Revenue Receipts for FY 2019-20 were estimated at Rs 1,990 billion, while the province was expected to get Rs 1,601.46 billion from Federal Divisible Pool. He continued that total provincial revenue was estimated at Rs 388.4 billion.

Hashim Jawan Bakhat added that total estimates for on-going expenditures were Rs 1,298.8 billion, containing Rs 337.6 billion for salaries, Rs 244.9 billion for pension, Rs 437.1 billion for local governments and Rs 279.2 billion for service delivery.

For the first time, budget is equally distributed among all regions of Punjab, with 35% for South, 33% for north region

Ahead of the budget session at the Punjab Assembly, the provincial cabinet met in the morning and approved the budget for 2019-20 and finance bill 2019.

The provincial government, in line with the federal government’s move, decided to impose 10pc cut on the salaries of provincial ministers. The matter has been reflected on the cabinet agenda for final approval.

The Punjab government is expecting its share of Rs1.5 trillion from the federal divisible pool as against current financial year’s original share of Rs1.27tr.

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The government is expecting Rs27bn from foreign project assistance, Rs33.5bn current capital receipts and Rs237.7bn loans for food (wheat) procurement.

During the proceedings of the house, the opposition benches created pandemonium and torn out the copies of the budget document, besides chanting slogans against the government.

After the budget speech, Punjab Assembly Speaker Chaudhry Pervaiz Elahi adjourned the session till Monday (June 17) at 3:00pm.