Punjab sets new record of utilizing 96% development funds in 10 years
Lahore: Punjab CM notifies that Punjab has set a new record for utilizing 96% development funds in a period of ten years.
He made these remarks while attending a meeting in order to assess the progress of the schemes that come under the Annual Development Program.
Hashim Jawan Bakht, the Finance Minister, secretaries of C&W and Finance Department, P&D chairman, SMU head, and more attended the meeting.
The CM requested the departments to submit the PC-I of their relevant schemes according to the assigned rules to bring the development up to speed with expected time frames.
He appreciated that Pakistan Tehreek- e-Insaaf’s government had presented the largest budget for development in provincial history. The total volume of the PSDP and annual development program had reached Rs 740 billion.
He also notified that there was a 66% increase in the total annual budget for the development.
He also noted that the government had started numerous schemes under the ADP valuing 560 billion. The CM made it obvious that any form of delay would not be tolerated as 98 percent of ADP schemes had already been approved.
He mentioned that Punjab will be collecting Rs 400 billion in revenue for the current financial year from its own resources and it’s worth being noted that Rs 51 billion have already been collected in a period of three months and this is approximately 41 percent more than the estimated budget.
The CM noted that Punjab was offering various tax exemptions of more than Rs 50 billion for the different sectors. Buzdar said that the government is likely to introduce holistic reforms in the pension system, property tax as well as human resources management to further streamline the system.