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Tuesday March 19, 2024

KP govt plans to pass sixth budget before end of tenure

By Riaz Khan Daudzai
February 22, 2018

PESHAWAR: To accommodate new projects and ensure continuity of work on the ongoing development schemes, the Pakistan Tehreek-e-Insaf (PTI)-led Khyber Pakhtunkhwa coalition government is planning to pass the budget for the financial year 2018-19 before the end of its five-year term, sources said.

The sources told The News on Wednesday that the provincial government has already intimated its intention to the quarters concerned that it wanted to present the annual budget for the next financial year before the completion of its term ending on May 29.

They added the budget preparations were continuing apace and around 40 percent of the preparatory work has been completed as the government wanted to pass its sixth budget till May 15. It would be a rare occasion for the provincial government to present and subsequently pass its sixth budget in its five-year term.

The Finance Department has, as one of its routine matters, issued the on November 30, 2017 inviting budget estimates from the government departments and other sectors.

The sources, while sharing the document of budgetary forecast for the 2018-19 financial year with this scribe, said the provincial government has hinted at passing the budget from the provincial assembly till May 15 with the view that it would save time if they returned to power after winning the next general election.

However, the budget calendar accompanying the budget call circular has shown that the budget document would tentatively be presented in the provincial assembly on June 12.

The budget projections show that the total revenue would be pitched at Rs563 billion which will include Rs468.647 billion component of federal transfers. The federal transfers would consist of Rs394 billion tax assignment, Rs29.82 billion straight transfers and Rs44 billion as subvention on account of the war on terror.

The projected provincial tax and non-tax revenue for the next fiscal year would be Rs37 billion, while for the current financial year the provincial revenue is estimated at Rs45 billion.

The provincial government has also planned Annual Development Programme (ADP) of Rs128 billion for the next financial year while for the current fiscal it has been estimated at Rs208 billion.

The development budget would include Rs98 billion provincial ADP and Rs75.81 billion ADP for the districts.

The provincial government would transfer Rs163 billion to the local governments during the next financial year while it has estimated to transfer Rs147 billion in the current fiscal year.

The major cut in the development revenue would be in the foreign project assistance as the current ADP also includes around Rs52 billion additional loans taken for the Peshawar Bus Rapid Transit (BRT) project and other projects.

Secretary Finance Department Shakeel Qadir, when contacted, said, “Yes the government may have the plan to pass its budget before the expiry of the provincial assembly’s term.