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Khyber Pakhtunkhwa announces Rs1,754bn budget surplus for 2024-25

05:52 PM | 24 May, 2024
KPK Budget

The Khyber Pakhtunkhwa Assembly is poised to present a significant surplus budget of Rs1,754 billion for the forthcoming fiscal year, with estimated expenditures standing at Rs1,654 billion.

This budget, endorsed by the provincial cabinet and scheduled for unveiling by KP Finance Minister Aftab Alam during an assembly session on Friday, signifies a comprehensive financial strategy aimed at tackling pivotal developmental challenges while upholding fiscal stability and fostering economic progress, according to official documents.

In the proposed budget for the fiscal year 2024-25, the total projected income stands at Rs1,754 billion. This income encompasses Rs1,212 billion to be acquired through diverse channels such as federal revenue distribution, oil and gas levies, net electricity profits, and associated arrears. The province anticipates generating Rs93.5 billion from its own sources, with an additional Rs130 billion expected from foreign loans and grants.

A substantial portion of the budget, totaling Rs1,237 billion, has been allocated towards salaries, pensions, and various non-developmental expenditures. Moreover, a development budget of Rs400 billion has been earmarked, with Rs130 billion sourced from foreign loans.

The budget also introduces several key proposals aimed at enhancing citizen welfare and driving economic growth. Notably, the minimum wage for laborers is slated to increase to Rs36,000. Additionally, new tax reforms are on the horizon, including a reduction in the tax rate for land transfers from 6% to 3%.

In a proactive move to bolster revenue generation, the budget proposes the implementation of a new tax dubbed the Vehicle Road User tax, targeting vehicles registered outside the province. Furthermore, a novel tax on tobacco companies in the form of provincial excise duty is recommended. The proposals also encompass a Rs10 billion allocation for providing youth with business loans on favorable terms.

The budget encompasses ambitious social welfare initiatives, including the 'Apna Ghar' scheme aimed at addressing homelessness and the 'Hunar Program' designed to offer vocational training opportunities.

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Pakistani Rupee exchange rate to US Dollar, Euro, Pound, Dirham, and Riyal - 19 June 2024

Pakistani rupee rates against US Dollar and other currencies on June 19, 2024 (Wednesday) in open market.

USD to PKR Rate Today

US dollar was being quoted at 277.50 for buying and 280.65 for selling.

Euro's buying rate stands at 296 and selling rate is 299 while British Pound rate is 349.7 for buying, and 353.25 for selling.

UAE Dirham AED was at 74.80 and Saudi Riyal at 72.80.

Forex Rates 

Currency Symbol Buying Selling
US Dollar USD 277.50 280.65
Euro EUR 296.00 299.00
UK Pound Sterling GBP 349.70 353.25
U.A.E Dirham AED 74.80 75.60
Saudi Riyal SAR 72.80 73.55
Australian Dollar AUD 182.00 184.00
Bahrain Dinar BHD 741.18 749.18
Canadian Dollar CAD 204.00 206.00
China Yuan CNY 38.43 38.83
Danish Krone DKK 40.18 40.58
Hong Kong Dollar HKD 35.66 36.01
Indian Rupee INR 3.33 3.44
Japanese Yen JPY 1.90 1.98
Kuwaiti Dinar KWD 909.34 909.34
Malaysian Ringgit MYR 59.30 59.90
New Zealand Dollar NZD 170.79 172.79
Norwegians Krone NOK 25.97 26.27
Omani Riyal OMR 723.88 731.88
Qatari Riyal QAR 76.42 77.12
Singapore Dollar SGD 203.65 205.65
Swedish Korona SEK 26.40 26.70
Swiss Franc CHF 311.90 314.40
Thai Bhat THB 7.58 7.73

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